• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Vietnam Issues License to New Oil Refinery

Posted on: Thursday, 22 May 2008, 09:01 CDT

Vietnam issues license to new oil refinery

HANOI, May 21 (Xinhua) -- Vietnam has issued license to the development of an oil refinery with annual capacity of two million tons of crude oil in southern Can Tho city with investment of 538 million U.S. dollars, a local official told Xinhua on Wednesday.

The project's developer, Can Tho Oil Refinery Company Ltd -- a joint venture between a Vietnamese firm and a U.S. partner, is expected to start the construction of the oil refinery, whose products include petroleum, liquefied petroleum gas, diesel oil and naphtha, in the city this year, said Bui Ngoc Vi, chairperson of the Economic Bureau under the Can Tho People's Committee.

To feed the refinery, Can Tho Oil Refinery Company will mainly use crude oil exploited in Vietnam, and import a small amount of the material, she noted.

Vietnam is building its first two oil refineries, Dung Quat in central Quang Ngai province and Nghi Son in northern Thanh Hoa province, whose major investor is state-owned Vietnam National Oil and Gas Group (PetroVietnam). Nghi Son has initial investment of 6. 2 billion dollars and annual capacity of 10 million tons of crude oil, and Dung Quat, Vietnam's first refinery with an annual processing capacity of 6.5 million tons, will become operational early next year.

Vietnam imported nearly 4.7 million tons of petroleum products worth roughly 3.8 billion dollars in the first four months of 2008, posting respective year-on-year rises of eight percent and 70.2 percent, according to the country's General Statistics Office.

(c) 2008 Xinhua News Agency - CEIS. Provided by ProQuest Information and Learning. All rights Reserved.

Source: Xinhua News Agency - CEIS

More News in this Category