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Petrolimex signs Dung Quat oil refinery deal
The National Petroleum Import-Export Corporation (Petrolimex) will buy 1 million cubic metres of petroleum products from the Dung Quat Oil Refinery this year.
It was part of an agreement signed on Monday by Petrolimex and PetroVietnam, the umbrella company for Dung Quat.
Under the deal, Dung Quat will provide Petrolimex with 100,000cu.m of A95 petrol, 400,000cu.m of A92 petrol, 235,000cu.m of 0.05S diesel, 235,000cu.m of 0.25S diesel and 30,000cu.m of kerosene.
The quality of products made at Dung Quat had been evaluated by the Directorate for Standards, Metrology and Quality, said Dinh La Thang, PetroVietnam’s Chairman.
The two sides will assign their member companies to ink contracts directly with one another to distribute gas and Jet 1 made from Dung Quat. Prices will be negotiated when they sign the deals. It is expected that Dung Quat will import 5 million tonnes of crude oil and churn out 4.75 million tonnes of various petrol products this year. The refinery started operation last February and produced 1.49 million tonnes of petrol products last year. The output was small because the facility was still in its trial period, PetroVietnam said.
Dung Quat has a total investment capital of US$3 billion, with a maximum annual capacity of 6.5 million tonnes of products.
PetroVietnam and Petrolimex are leading companies operating in the fuel sector. PetroVietnam focuses on oil and gas exploration and exploitation in Viet Nam and overseas. This year, it expects to churn out 15 million tonnes of crude oil and 8 billion cubic metres of gas worth an estimated revenue at VND329 trillion ($18.3 billion).
Petrolimex specialises in trading petrol products – the biggest petrol distributor in Viet Nam. It has more than 1,900 petrol stations nationwide, accounting for 50 percent of the total local market share.
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