Business

Dung Quat to refine 10 million tonnes of petroleum

The Government has agreed to raise the capacity at Dung Quat Oil Refinery from the current 6.5 million tonnes to 10 million tonnes per year in the next five years.
The Government has agreed to raise the capacity at Dung Quat OilRefinery from the current 6.5 million tonnes to 10 million tonnes peryear in the next five years.

Nguyen Hoai Giang, General Director of Binh Son Petro-Chemical Co Ltd,the operator of the country's first oil refinery, said Dung Quat willmeet 40 to 50 percent of the fuel demand in the country when theexpansion plan is finished by the end of 2015 or early 2016.

Currently, the refinery turns out 6 million tonnes of oil products peryear, meeting 30 percent of the local market's fuel demand.

With total investment of 3 billion USD, Dung Quat has produced a rangeof refined products including liquefied petroleum gas (LPG), kerosene,diesel, fuel oil, A95 and A92-grade petrol, and JetA1 fuel.

To accommodate the increased production capacity, Quang Ngaiprovincial authority has asked the Government to expand the Dung QuatEconomic Zone where the refinery is located to 45,332 ha, four times thecurrent area.

The zone will also be transformed into an industrialised city with urban areas and ports.

The feasibility study for the expansion plan will be completed by the Japanese contractor JPC by April of this year.

Preparations for equitisation of the refinery were going on, aiming toseek funds for the expansion plan, estimated at 1.2 billion USD, saidGiang.

He said the staff will be comprised ofVietnamese only, who will operate and conduct maintenance service at therefinery by the end of 2011.

In addition to theexpansion plan, Dung Quat staff will be responsible for human resourcedevelopment for the future petro-chemical projects in the country, saidGiang.

Crude oil from the Middle East will be added tothe refinery's source of raw materials, which will come from Bach HoOilfield off the southern coast of Vietnam, he added./.
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