Reuters reported that Kuwait Petroleum International will receive funding from the International Finance Corporation to build and develop Vietnam's second oil refinery.

Mr Hussein Ismail chairman of KPI said that building the 200,000 barrel per day Nghi Son oil refinery is part of Kuwait's strategy to invest in large scale refining and petrochemicals projects in East Asia.

The refinery, situated in the northern province of Thanh Hoa, 215 kilometers south of Hanoi, is a JV between KPI, Petrovietnam Construction Corporation and Japan's Idemitsu Kosan Company and Mitsui Chemicals. The project is expected to be completed and ready for operation in 2015.

Mr Nguyen Tan Dung PM of Vietnam said that KPI, an international unit of Kuwait Petroleum Corporation established the JV in April 2008 to build the refinery which is designed to process Kuwaiti crude. Investment in the refinery would total USD 7.5 billion.

(Sourced from Reuters)