The province is located 200 kilometres west from HCM City.

Vien Dong Trading Investment Joint Stock Co and Semtech Ltd will build a refinery in Can Tho with a processing capacity of 2 million metric tonnes of crude oil a year, the provincial administration said in a statement. A local industry official said the refinery is slated to start operation by mid-2010.

Vien Dong will own a 30% stake in the venture, while Semtech will own the rest, said the official, who declined to be named. "The investors are expected to import crude oil for the refinery operations," the official said, giving no further information.

Company officials weren't immediately available for comment.

Dow Jones - May 22, 2008