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./.