Russian oil and gas group Gazprom Neft is set to acquire 49 percent of the stake in Binh Son Refining and Petrochemical Company (BSR), which operates the Dung Quat refinery.

According to the deal recently struck by directors of the two groups, Gazprom Neft will also join a project to upgrade and expand the Dung Quat refinery, situated in the central province of Quang Ngai.

This aims to increase the plant's production capacity to around 10 million tonnes per year from the current 6.5 million tonnes.

Both sides agreed on the optimal processing technology to use and crude oil sources to chase in order to realise the target.

Since launching operations in 2009, the Dung Quat Oil Refinery, the first of its kind in Vietnam , has sold 26.7 million tonnes of products, raking in 543 trillion VND (25.5 billion USD) in revenue.

In 2013, it produced 6.6 million tonnes, 17 percent higher than its set target, and gained over 154 trillion VND (7.3 billion USD) in revenue and 2.9 trillion VND (138 million USD) in profit.

This year, the BSR is striving to earn 113.6 trillion VND (5.3 billion USD) from trading 5.18 million tonnes of products.-VNA