HANOI, May 23 (Reuters) - Vietnam's Binh Son Refining and Petrochemical said on Thursday it plans to issue new shares as part of its efforts to fund a project to expand and upgrade its Dung Quat refinery.
The share issue will raise its chartered capital by 61% to 50 trillion dong ($1.96 billion), chief executive officer Bui Ngoc Duong said in a statement.
The refinery is one of two domestic facilities that meet around 70% of the Southeast Asian country's demand for refined petroleum products.
Beside funds from the share issuance, Binh Son is also seeking bank loans for the refinery expansion project.
The company said last week it
had chosen HSBC
Bank as the export credit agency for the project, which would raise the refinery capacity to 171,000 barrels per day at an estimated cost of $1.49 billion.
It said the expansion was expected to be completed by 2028, adding the expansion would also allow it to use more types of crude oil. ($1 = 25,465 dong) (Reporting by Khanh Vu; Editing by Martin Petty and John Mair)
