The development of Long Son Oil Refinery, which has an annual designed capacity of 10 million tons of crude oil, has been estimated to need some $8 billion worth of investment capital, according to Dau Tu newspaper.
PetroVietnam has also worked out plan for inviting other foreign investors to participate in developing this project with holdings ratio at 71 percent.
Formosa Group has been considered the largest foreign investor in Vietnam.
It has joined the projects of Steel Complex and Son Duong Deep-Water Port with total investment capital of $8.9 billion for the first phase.
Petrolimex, Vietnam's top oil products importer and distributor, has held a talk with South Korea's Daelim Industrial Co Ltd over a venture to build Vietnam's third oil refinery, which could make Daelim the first foreign investor in the project worth up to $4.8 billion, Reuters reported.
Petrolimex would keep a 60 percent stake in the 200,800-barrel-per-day (bpd) Nam Van Phong facility in central Khanh Hoa Province. But it will miss the original target of starting construction by 2014-2015, and has not fixed a new timeframe.
Construction of the $7.5 billion Nghi Son oil refinery, Vietnam's second such facility, is likely to be delayed until the first quarter of 2012 instead of the last quarter this year, Dominique Peiffert, General Director of French oil services group Technip SA in Vietnam, told Reuters.
The 200,800 bpd plant will process sour Kuwaiti crude oil, he added.