Updated  
October, 11 2012 09:35:00

Construction to begin on Nghi Son refinery

 

Geologists check site conditions for the Nghi Son oil refinery project. The facility will be the country's largest refinery when completed. — VNA/VNS Photo Ha Thai
HA NOI (VNS)- Construction of Viet Nam's largest oil refinery complex is expected to start this quarter, says PetroVietnam's chairman Phung Dinh Thuc.

Preparation work for the construction is virtually completed and there are only a few details to be discussed among investors including PetroVietnam, Kuwait Petroleum International, Japan's Idemitsu Kosan Co and Mitsui Chemicals, Thuc added.

Total capital investment for the refinery project is worth nearly US$8 billion. It will be built in the central province of Thanh Hoa, 215km south of Ha Noi and will initially have a production capacity of 10 million tonnes per year.

Dung Quat refinery, built in the country's central coast to process 130,500 barrels per day of crude oil, is now Viet Nam's sole operating facility. Together with Dung Quat refinery, Nghi Son plant is expected to provide roughly 50 per cent of Viet Nam's gasoline demand, Vietnam Economic Times reports.

In another development, Petro Vietnam (PVN) said on Monday it had the Prime Minister's approval to become the sole agent to buy all investors' gas products and sell them to domestic consumers at one price nationwide.

According to PetroVietnam's chairman Phung Dinh Thuc, the selling gas prices for households power, nitrogenous and industrial productions varies. The price depends on location, gas production capacity and the investment capital of gas fields.

Gas prices in the east, including Nam Con Son and Cuu Long basins, are usually sold at cheaper prices than those offered in the west, including MP3 gas – Ca Mau. As a result, households often choose to buy gas from the east. This has led to a quick depletion at these fields while gas providers in the west face a supply surplus.

Viet Nam has planned for five other oil refineries, including Nghi Son. — VNS

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Wild peach branches disappear as demand rises Wild peach branches disappear as demand rises

It's hard to find ancient wild peach branches on sale in the northern mountainous province of Son La, due to their overexploitation by the local people.

Flower Road to be opened today Flower Road to be opened today

The Flower Road in HCM City's Ham Nghi Street will be opened to the public at 7pm today. Viet Nam News photographer Van Dat presents different images of the Flower Road, as seen through his lens.

Vietnamese consumer confidence "largely intact": Economist Vietnamese consumer confidence "largely intact": Economist

Vietnamese consumers started 2015 with their confidence broadly unchanged after a tumultuous 2014, ANZ Bank Economist Glenn Maguire said in a recent report.

Viet Nam ranks 10th worldwide in remittances Viet Nam ranks 10th worldwide in remittances

Viet Nam was among the top 10 countries in the world with the largest amount of remittances from abroad last year, with around US$12 billion, according to the Western Union company, which handles money transfers worldwide.

Viet Nam sit at 137th in world football rankings Viet Nam sit at 137th in world football rankings

Viet Nam jumped up four steps in international football rankings, according to FIFA's latest list.