US investors look to develop expaned Dung Quat Refinery
The joint venture of Wagan Corporation, GHN Group, and Masters Depot and domestic firm Tin Thanh Group Company Limited are looking to co-operate with each other to enhance and expand Dung Quat Refinery.
On August 28, the joint venture and Tin Thanh joined a working session with Binh Son Refining and Petrochemical Co., Ltd. (BSR), the investor of Dung Quat Refinery, to look for an investment opportunity in the expansion of the refinery. The parties discussed plans for the input and output of the plant as well as technology to be applied.
The expansion is expected to be completed in 2020 and upon completion, the expanded refinery’s capacity will increase by 30 per cent or two million tonnes a year, to 8.5 million tonnes. It will be able to meet half of Vietnam’s fuel demand.
US investors are looking to join the expansion project of Dung Quat Refinery
It is not the first time that Tin Thanh expressed interest in joining Dung Quat Refinery. In November 2017, the group publicly announced its ambition to spend VND40 trillion ($1.76 billion) on buying a 55 per cent stake to become BSR’s strategic investor, while the company only had a charter capital of VND200 billion ($8.8 million).
According to information published on BSR’s website, Tin Thanh Group planned to buy a 5 per cent stake in BSR in 2017. The deal would cost around VND3.6 trillion ($158.5 million). Then, Tin Thanh and BSR will propose the prime minister to allow the firm to increase its holdings to 55 per cent in BSR. However, to date, no more information has been published.
Masters Depot and Wagan specialise in manufacturing auto applications, solar products, and power supplies.
GHN Group operates in building and maintenance in the petrochemical, petrol, and power sectors.
On January 17, BSR reported a successful initial public offering (IPO) with a complete take-up of the offered shares and a record selling price of VND14.8 million ($651.69) per share.
The average selling price was VND23,043 ($1.01), 57.8 per cent higher than the initial price. The lowest selling price was VND20,800 ($0.92). Of particular note, an individual investor succeeded in buying 10,000 shares at the record price of VND14.8 million ($651.69) apiece.
BSR earned VND5.57 trillion ($245.26 million) in proceeds, 1.5 times higher than its expectations.
- FDI in Vietnam – Where is the Investment Going? (12/08/2019)
- HCM City solicits investment in infrastructure (30/07/2019)
- Vietnam - Japan Business Matching Symposium 2019 (29/07/2019)
- RoK’s rural development group to invest in smart farming in Vietnam (15/07/2019)
- FDI reaches record level in four months (08/07/2019)
- Powering 220 kV Southern Sai Gon - Urban District 8 transmission line (27/06/2019)
- EVFTA Press Release - Official Announcement from the EU (26/06/2019)
- PM calls on Korean investors to expand operations in Vietnam (12/11/2018)
- E-commerce golden pass for logistics (12/11/2018)
- Hoa Phu Industrial Park - The destination of success (12/11/2018)
- Long Thanh airport’s feasibility study approved (12/11/2018)
- Renewable energy projects spur foreign investment surge (02/11/2018)
- New innovation centre to provide grounds for Vietnam 4.0 (02/11/2018)
- National Assembly set to ratify historic trade deal (02/11/2018)
- Overseas financiers outline obstacles (02/11/2018)
- Moody’s upgrades ratings on Vietnamese banks (01/11/2018)
- Foreign investors expand networks in Vietnam (01/11/2018)
- Altus Capital funded to invest in distressed Southeast Asian companies (01/11/2018)
- More FDI to reach southern region (01/11/2018)
- Foreign fashion giants set footprint in Vietnam through M&A (31/10/2018)
- Key infrastructure projects calling for investment in HCMC (08/07/2019)
- Bac Ninh licenses 116 FDI projects in seven months (22/08/2018)
- Binh Phuoc licenses 24 projects worth $1 billion (22/08/2018)
- Hue targets $56mil in investment this year (15/08/2018)
- Hanoi seeks approval for Vingroup’s $300 million IT park (31/07/2018)
- List of Project Calling For Investment in Lam Dong Province in 2018 (31/07/2018)
- Kien Giang calls for investment in 12 resort projects (31/07/2018)
- Decree amendments open paid TV firms to foreign investment (30/07/2018)
- Vietnam: Opportunities in the Waste-to-Energy Sector (24/07/2018)
- Can Tho City seeks investment for 54 projects worth $5.4 billion (20/07/2018)
- Hoa Lac High-tech Park aims for $1 billion investment in 2018 (19/07/2018)
- Large-scale undersea tunnel to be constructed next year (19/07/2018)
- Map of industrial parks in Vietnam (23/07/2019)
- 493 Projects Invested in Nghi Son Economic Zone and Industrial Zones (09/02/2018)
- Thai Binh Strives to Attract Investment Capital of VND 5000 billion in Industrial Parks and Economic Zones (07/02/2018)
- Vinh Phuc Adds 4 New FDI Projects in Industrial Zones (07/02/2018)
- Dung Quat EZ and Quang Ngai IPs Attracted 258 Projects with a Total Investment Capital of More Than US$ 11 Billion (30/01/2018)
- Solutions to attract Investment Capital into Industrial Parks in Bac Giang Province (19/01/2018)
- Nghi Son Economic Zone and Industrial Zones Received 66 new Investment Projects (08/01/2018)