Wed. Feb 28th, 2024

PetroVietnam will speed up procedures and arrange capital needed to
implement its on-going projects on schedule during the next three
months, said PetroVietnam’s chairman Phung Dinh Thuc at a press
conference in Hanoi on April 5.


The projects on the
list include the Nghi Son petrochemical refinery complex, two thermal
power plants (Vung Ang 1 and Thai Binh 2) and two coal-fired power
plants (Long Phu 1 and Song Hau 1).


An engineering,
procurement and construction contract to build the 9 billion USD Nghi
Son Refinery was signed in central Thanh Hoa province on January 27.
Construction of the refinery is expected to start in July this year,
with the refinery put into commercial operation in 2017.


This
is a key oil and gas project for the country. Together with the Dung
Quat refinery, the two plants are expected to meet 70 percent of
Vietnam’s demand for petrol and oil and help ensure national energy
security.


The group expects to sign 4-5 new oil contracts
this quarter and start exploiting four oil mines – three in the country
and one overseas. Two bio-fuel projects in Quang Ngai and Binh Phuoc
will also be completed and put on trial run this quarter.


Thuc
said the production of bio-fuels faced many difficulties due to low
demand, but added that he expects the sector will improve from 2015 when
a regulation promoting bio-fuels will take effect nationwide.


PetroVietnam
produced 26,000 metric tonnes of bio-fuels last year but half of the
figure was exported due to lack of domestic demand.


In the
second quarter, PetroVietnam plans to raise its oil and gas production
to 6.43 million tonnes of oil equivalent, including 4.03 million tonnes
of crude oil and 2.4 billion cubic metres of gas.


Ending
June, the group expects to earn revenues of 338 trillion VND (16.1
billion USD) and contribute as much as 76.3 trillion VND (3.6 billion
USD) to the State budget.


In the first quarter, the whole
group earned total revenues of 178.7 trillion VND, up 3 percent over the
same period last year and up 17.4 percent compared to its targets.


Contributions
to the State budget reached 43 trillion VND, equivalent to 29 percent
of its yearly plan and up 5.6 percent over the first quarter of 2012.-VNA

By vivian