The Vietnam Oil and Gas Group (Petrovietnam) will hold an inauguration ceremony for the Dung Quat Oil Refinery on December 24, according to the chief of the Office of the Binh Son Petrochemical Company Dang Hong Son.

The Dung Quat refinery has a total investment capital of more than 3 billion USD with a designed capacity of 6.5 million tonnes of crude oil each year. It can meet one-third of consumption demand for domestic petroleum product.

By early December, the refinery had produced 6.75 million tonnes of petroleum products and sold more than 6.66 million tonnes of products. The plant’s revenue this year was estimated to reach 53.8 trillion VND, contributing 10.4 trillion VND to the state budget.

At present, the Dung Quat refinery is operating with a production output of 105 percent, turning out an extra of 1,000 tonnes of products a day.

The refinery is expected to increase its revenue to 73 trillion VND in 2011./.