PetroVietnam will speed up procedures and arrange capital needed to implement its on-going projects on schedule during the next three months, said PetroVietnam's chairman Phung Dinh Thuc at a press conference in Hanoi on April 5.

The projects on the list include the Nghi Son petrochemical refinery complex, two thermal power plants (Vung Ang 1 and Thai Binh 2) and two coal-fired power plants (Long Phu 1 and Song Hau 1).

An engineering, procurement and construction contract to build the 9 billion USD Nghi Son Refinery was signed in central Thanh Hoa province on January 27. Construction of the refinery is expected to start in July this year, with the refinery put into commercial operation in 2017.

This is a key oil and gas project for the country. Together with the Dung Quat refinery, the two plants are expected to meet 70 percent of Vietnam's demand for petrol and oil and help ensure national energy security.

The group expects to sign 4-5 new oil contracts this quarter and start exploiting four oil mines - three in the country and one overseas. Two bio-fuel projects in Quang Ngai and Binh Phuoc will also be completed and put on trial run this quarter.

Thuc said the production of bio-fuels faced many difficulties due to low demand, but added that he expects the sector will improve from 2015 when a regulation promoting bio-fuels will take effect nationwide.

PetroVietnam produced 26,000 metric tonnes of bio-fuels last year but half of the figure was exported due to lack of domestic demand.

In the second quarter, PetroVietnam plans to raise its oil and gas production to 6.43 million tonnes of oil equivalent, including 4.03 million tonnes of crude oil and 2.4 billion cubic metres of gas.

Ending June, the group expects to earn revenues of 338 trillion VND (16.1 billion USD) and contribute as much as 76.3 trillion VND (3.6 billion USD) to the State budget.

In the first quarter, the whole group earned total revenues of 178.7 trillion VND, up 3 percent over the same period last year and up 17.4 percent compared to its targets.

Contributions to the State budget reached 43 trillion VND, equivalent to 29 percent of its yearly plan and up 5.6 percent over the first quarter of 2012.-VNA