QUANG NGAI — The Dung Quat Oil Refinery in the central province of Quang Ngai plans to turn out and sell around 6 million tonnes of products this year.
The country's first oil refinery aims to earn VND108 trillion (US$5.14 billion) in revenue this year and contribute more than VND15 trillion ($714 million) to the State budget.
The refinery has run at full capacity since September. Last year, it produced 5.5 million tonnes of petroleum products, exceeding its set target, and sold more than 5.4 million tonnes of its productions for approximately VND110 trillion ($5.23 billion) in revenue.
The Government has already agreed to raise the refinery's capacity to 10 million tonnes per year in the next five years.
Nguyen Hoai Giang, general director of the refinery's Binh Son Petro-Chemical Co, said Dung Quat would meet 40 to 50 per cent of the country's fuel demand once the expansion plan was completed by the end of 2015 or early 2016.
To accommodate the increased production capacity, the Quang Ngai provincial authority has asked the Government to expand the Dung Quat Economic Zone to 45,332ha, four times the current area.
Preparations for equitisation of the refinery were going on in the aim of securing funds for the expansion plan, estimated at $1.2 billion, said Giang.
With a total $3 billion in investment, Dung Quat has produced a range of refined products including liquefied petroleum gas (LPG), kerosene, diesel, fuel oil, A95 and A92-grade petrol, and JetA1 fuel. — VNS