Vietnam is making preparations to build a petrochemical complex, including an oil refinery, with total investment of 10 billion U.S. dollars in southern Ba Ria Vung Tau province, according to local newspaper Young People on Wednesday.

     The Vietnamese government has basically agreed with the complex 's construction in Long Son island commune, Vung Tau city, Ba Ria Vung Tau province, the newspaper said. The project's investor is state-owned Vietnam National Oil and Gas Group (PetroVietnam).

     The newspaper did not provide further details about the project. An official from the Vietnamese Ministry of Planning and Investment said recently that the Long Son oil refinery is expected to have annual processing capacity of 10 million tons of crude oil, and become operational by 2013.

     Dung Quat, Vietnam's first refinery with an annual processing capacity of 6.5 million tons of crude oil under construction with investment of 2.5 billion U.S. dollars in central Quang Ngai province, is scheduled to operate in February 2009. Its investor is also PetroVietnam.

     Construction of the second oil refinery named Nghi Son in northern Thanh Hoa province with initial investment of 6.2 billion dollars started in May. It will have refinery capacity of 10 million tons of crude oil per annum once putting into operation in 2013. The Nghi Son project is a joint venture between PetroVietnam, Kuwait Petroleum International and Japanese companies of Idemitsu Kosan Corp and Mitsui Chemicals Inc.

     Vietnam exported 6.7 million tons of crude oil worth 5.6 billion dollars in the first half of this year, down 12.1 percent in volume but up 49 percent in value, according to the country's General Statistics Office.

     Meanwhile, it spent 6.8 billion dollars importing 5.9 million tons of petroleum products, posting respective year-on-year rises of 68.9 percent and 4.4 percent.