Vietnam’s first oil refinery to run by 2009

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April 17 – The country’s first Dung Quat Oil Refinery is scheduled to operational by February 2009 according to a senior official from Viet Nam Oil and Gas Corp (PetroVietnam). The refinery will also produce petro-chemical products including fuels and liquidified gas.

Made at a cost of US$2.5 billion, the refinery will deliver 6.5 million tons of products annually by the end of the second quarter. This will answer 50 percent of domestic fuel demand.

The chairman of PetroVietnam’s management board, Dinh La Thang told VietnamNet that new refinery will need to develop distribution networks for the products.

PetroVietnam reports that the country exports from 16 million to 17 million tons of crude oil annually in addition to importing around 12 million of fuels for local consumption.