China’s Sinopec Corp. wants
Petrovietnam to refine its crude oil at Vietnam’s Dung Quat Oil
refinery, and also buy high-grade crude from Vietnam.
Vice Chairman and President Wang Tianpu of the China Petroleum &
Chemical Corporation (Sinopec Corp.) made the statement at a working
session with the Vietnam National Oil and Gas Group (Petrovietnam)
leaders in Hanoi on Nov. 24.
Sinopec Corp. stands ready to provide crude oil to the Dung Quat oil
refinery and buy crude from Vietnam’s White Tiger oil field to
manufacture deluxe petrochemical products, Wang added.
Chairman of Petrovietnam’s Board of Directors Dinh La Thang emphasised
that his group is willing to cooperate with Sinopec Corp. in oil and
gas exploitation in Vietnam, China and other countries--based on each
country’s respect for sovereignty and territorial integrity.
Petrovietnam has signed 21 oil and gas exploitation cooperation
contracts with foreign partners, Thang said, stressing that Sinopec
Corp. can join Petrovietnam in these contracts.
In the petrochemical refinery field, Sinopec Corp. can buy Dung Quat
oil refinery shares once they are equitised, as well as provide raw
crude to the plant, he added.
Thang proposed that the two sides set up a working group to consider
and implement concrete cooperation in the near future, with
Petrovietnam Deputy General Director Nguyen Quoc Thap being directly
involved in the group.
After the working session, Petrovietnam Oil Corporation, a subsidiary
of PetroVietnam, signed a memorandum of understanding (MOU) on crude
oil trading with the China International United Petroleum &
Chemicals Co., Ltd. (UNIPEC), a wholly owned affiliate to Sinopec Corp.
Each year, Sinopec Corp. is capable of turning out 42 million tonnes of
crude oil in China and 12 million tonnes of crude oil overseas as well
as 10 billion cubic metres of liquefied petroleum gas. Its oil
refineries produce up to 200 million tonnes of fuel and 8 million
tonnes of chemical products a year./.