Dinh La Thang, Chairman of the Board of Directors of PVN said at a press conference in Hanoi that the stocks will be sold to experienced and traditional partners, especially those from Russia and the Middle East.

The same day, PVN and the Vietnam Bank for Industry and Trade (Vietinbank) signed a credit agreement worth US$200 million to mobilise capital for the oil refinery.

Mr. Thang added, with a total investment capital of US$3 billion, the project is hoping to receive more credits from many commercial banks.

Dung Quat Oil Refinery is one of the country's key oil and gas projects. Once fully operational in August 2009, it will be able to produce 6.5 million tonnes of oil to meet 30 percent of domestic consumption.