As part of the deal, Gazprom Neft will acquire a 49% interest in Binh Son refining and petrochemical, which will allow controlling and managing the refinery, while both the firms are in negotiations over the price of stake.
The production capacity of Dung Quat refinery will be increased from the current 6.5 million tonnes to 10-12 million tonnes within one year, as part of the modernization program.
The improvement of the technical efficiency of motor fuel production in the refinery will be undertaken, as part of the program, to meet the Euro-5 standard.
Gazprom Neft management board chairman Alexander Dyukov said the firm’s long-term strategy calls for a major increase in refining volumes outside Russia.
"Access to the capacity at Dung Quat will allow Gazprom Neft to enter the Asian market for refined products, which is one of the fastest growing and most promising markets globally," Dyukov added.
Vietnam’s only operating refinery Dung Quat is situated in the centre of the country, with an installed capacity of 6.5 tonnes.