VIENTIANE, Aug. 3 (Xinhua) -- The construction of Laos' first ever oil refinery in the Saysettha Comprehensive Development Zone of capital Vientiane is expected to be completed in mid-next year.
The refinery is expected to have an annual production capacity of 800,000 tons of oil, the Lao News Agency (KPL) reported on Thursday.
The refinery construction project began in 2014 as an investment of the Lao-China Dongyan Petrochemical Co., Ltd (LCPC), a joint venture between China's Yunnan Dongyan Industrial, which holds 75 percent of its shares, the Lao State Fuel Company 20 percent and the Lao-China Joint Investment 5 percent.
Once operational, the refinery will become among the nation's largest industrial enterprises and be able to supply about 60 percent of fuel in Laos.
As of now, the project has been 40 percent completed, according to Deputy Director of the Lao State Fuel Company Phaiboun Phomphaphithuk, KPL reported.
Sitting on over 218,677 square meters and worth 179 million U.S. dollars, the oil refinery project involves the construction of three buildings, 16 oil tanks which have a total storage capacity of 80 million liters.
Laos imported 1.3 million liters of oil annually, according to Phaiboun.