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The impressive growth of oil and gas sector
The Dung Quat Oil Refinery, the first of its kind in Vietnam, will be inaugurated in the central province of Quang Ngai on February 22, marking the impressive growth of the oil and gas sector to meet the Vietnamese people’s decade-long expectations.
Dr Tran Ngoc Canh, director general of the Vietnam Oil and Gas Group (PetroVietnam) talked about major developments of the refinery and its future plan in a recent interview granted to Tin Tuc Newspaper. Excepts from the interview.
Would you brief us on the developments of this major project?
It has been a long way to implement the project since it was designed by the Government and approved by the National Assembly.
Looking back on it more than 10 years ago, we did find it very challenging to carry out the project when facing financial difficulties, the soaring prices of material and the final dissolution of investor Viettross – a joint venture between Vietnam and Russia.
Other challenges included the installation of state-of-the-art production lines to meet tough requirements for product quality and environmental protection.
However, what we have achieved so far testifies to the will and firm resolve of the investor (Vietnam) and contractors. The first oil products bearing the Made-in-Vietnam brand have come out of the refinery after 44 months of construction.
The key factor behind the successful implementation of the project was the special care of the Party and State, and the close and timely instructions of the Prime Minister and the steering board for key State-funded projects, as well as support from National Assembly committees, ministries, sectors and local administrations.
It was also attributed to great efforts made by PetroVietnam executives and thousands of officials, engineers and workers on the construction site.
What benefits will the refinery reap when it goes into full operation?
The fact is that oil and oil-based products play a very important role, especially when the global economy relies on energy sources. For Vietnam which completely imports oil and petrol, the refinery will help reduce the trade deficit and ensure national energy security.
With competitive prices, its products will be used by the State to stabilise the market, especially when global fuel prices fluctuate widely. It will also make a significant contribution to the provincial and State budgets as it expected to generate VND55,000 billion in revenue a year.
The inaugural of the refinery will help Quang Ngai province develop infrastructure and services, generate jobs for thousands of people and facilitate the development of the Dung Quat Economic Zone. It will create a prerequisite for Vietnam to develop the refined-petrochemical industry and other support industries.
The Dung Quat Oil Refinery will be a practical and effective model for PetroVietnam to carry out other similar projects inside and outside the country.
When the refinery operates at full capacity, it will produce nearly 150,000 tonnes of petrol, 240,000 tonnes of diesel, 23,000 tonnes of LPG, 30,000 tonnes of aeroplane fuel and 25,000 tonnes of FO a month, meeting 30 percent of the country’s demand.
VietNamNet/TT/VOV
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