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Tue 1 May 2007 12:00 AM

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Vietnam launches campaign for funds

Vietnam has started its campaign to raise US $1 billion to help meet the US $2.5 billion price tag for the country's first oil refinery.

Vietnam has started its campaign to raise US $1 billion to help meet the US $2.5 billion price tag for the country's first oil refinery. The money will come from foreign currency bonds and loans.

The finance ministry said the bonds would be issued in the domestic and overseas markets, adding that it will negotiate with foreign lenders for the loans. "The capital raising process will depend on the implementation progress of the project," said the ministry in a report published on the government's website.

Petrovietnam began building the Dung Quat refinery in the central province of Quang Ngai in 2005 after funding shortages and design changes caused years of delays.

The refinery is due for completion in 2009. With a production capacity of 130 000 barrels per day, it will be a milestone for the country. Officials said proceeds from the bond sales and loans will be managed by Vietnam Bank for Development.

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