Total Investment of Vietnam's First Oil Refinery to be Raised to US$3 Bln

Investors of Vietnam's first oil refinery Dung Quat will pour an additional US$500 million into the oil refinery Dung Quat in central Quang Ngai province, raising the plant's total investment to US$3 billion, said Truong Van Tuyen, chief of the plant's management board.

 

The additional investment will be use for breakwater and products delivery port projects surrounding the refinery, Tuyen attributed.

 

On February 14, the plant's long-waiting first products including naptha, kerosene, light and heavy diesel and residue serving for cracking streamed out after five-day distillation.

 

As scheduled, the refinery will officially make debut its products Feb 22, 2009 after 44 months of construction.

 

The oil refinery is scheduled to run at 60 per cent-65 per cent of the designed capacity from February to June, at 70 per cent in June-August, and at full capacity as from late August. It is expected to refine 3.5 million tons of crude oil into 2.7 million tons of products during this year.

 

The plant is capable of supplying nearly 500,000 tons of petroleum per month for domestic market with retail prices equaling with imported rates.

 

The plant is designed to refine 6.5 million tons of crude oil annually into 6.3 million tons of products including 150,000 tons of propylene; 300,000 tons of liquefied petroleum gas (LPG); 1.9 million tons of gasoline of different types (A90, A92, A95); 400,000 tons of fuel for jet engines and petroleum for aircrafts (Jet A1); 3 million tons of diesel oil (FO); and 360,000 tons of fuel oil (FO) which are expected to meet 30 per cent of local demand as from 2010. (Youth)