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Submitted by ctv_en_8 on Sun, 01/04/2009 - 15:47
The Vietnam National Oil and Gas Group (PetroVietnam) planned to sell a 49 percent stake of Dung Quat Oil Refinery, which is scheduled to begin operating on February 25, said its chairman Dinh La Thang on January 2.

International partners that pledge to supply crude oil to the refinery are offered preference, said Mr Thang.

PetroVietnam is expected to commence talks with British Petroleum (BP) about the planned sales and the supply of crude oil next week, with a focus on price and quality. It was possible that the BP would provide at least 50 percent of the total crude oil for the refinery, said the chairman.

PetroVietnam had decided to import crude oil for the refinery because Vietnam’s oil and gas reserves were limited. Furthermore, the high quality of the oil from the major Bach Ho field off the southern coast would earn Vietnam more revenue as an export. Meanwhile, the Dung Quat plant, in the central province of Quang Ngai, did not need such high quality oil.

PetroVietnam has signed contracts with Venezuela, Malaysia, Iraq, Argentina and Russia to seek oil for not only Dung Quat but also the planned Long Son and Nghi Son refineries.

The Dung Quat Refinery was about 98 percent complete and its flare would be lit this weekend, according to Deputy General Director of Binh Son Petrochemical Co. Dinh Van Ngoc.

VNA-VOV

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