[Vnbiz] Vietnam to Import 1Mln Tons of Crude Oil in 2007 - PetroVietnam

[Tai Phan]

  Vietnam to Import 1Mln Tons of Crude Oil in 2007 - PetroVietnam
(22/10/2007 09:43)

Vietnam plans to import one million tons of crude oil this year, and is
expected to expand the volume in the increasing in the coming time, said
Dinh La Thang, CEO of the Vietnam National Oil and Gas Group (PetroVietnam).



The move is aimed at supplying material input for the country's oil
refineries, including the first Dung Quat in central Quang Ngai province
that is under construction, and the planned Thanh Hoa province-based Nghi
Son oil refinery and Long Son petrochemical complex in Ba Ria Vung Tau
province, Thang said.



However, the plan is likely to be infeasible due to many reasons, including
domestic money security and remittance, and the forecast long-term crude oil
shortage in the world, he said.



Local crude oil output will remain at between 18 million and 20 million
metric tons per year by 2010, and new oil refineries will have to use import
materials, which will push up the country's crude oil imports in the near
future.



In the first nine months, PetroVietnam produced 16.9 million tons of
equivalent oil from 11.9 million tons of crude oil and five billion cubic
meters of natural gas, raising its oil reserve to 33 million tons.



During the time, the group signed six contracts on exploring for oil and gas
abroad, raising the total number of the group's abroad projects to 13. It is
also seeking new investment opportunities in Kazakhstan, Myanmar, Tunisia,
Indonesia, Angola, Iran, Russia and Belarus.



Vietnam now has no oil refinery. The first Dung Quat valued at US$2.5
billion is under construction and due for operation in February 2009, and is
expected to process 6.5 million tons of crude oil a year and refining 33 per
cent of the country's entire demand for petrol and oil.



(VietNamNet)
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