Vietnam to continue fuel import
In this article (5)
According to a report issued June 26 by Binh Son Refining and Petrochemical Company (BSR), the operator of the US$3-billion Dung Quat Oil Refinery in Quang Ngai Province, the country is projected to consume 6.5 million tons of gasoline and 8.5 million tons of DO from 2018 to 2022.
Meanwhile, Dung Quat and another oil refinery, Nghi Son, can supply nearly six million tons of petrol and seven million tons of DO from 2018, representing 92% and 82% of domestic demand respectively.
The shortfall would be offset by fuel imports from Singapore, Malaysia, Thailand, South Korea and China.
Nghi Son Oil Refinery in Thanh Hoa Province will be put into operation next year with an annual processing capacity of 10 million tons of crude oil. It is expected to supply 8.8 million tons of fuels, including about 2.3 million tons of petrol and 3.7 million tons of DO, meeting 40% of local needs.
Condensate processing plants such as PVOIL Phu My, Saigon Petro, Nam Viet Oil and Dong Phuong have a combined annual capacity of 690,000 tons of gasoline.
Since its debut seven years ago, Dung Quat has sold over 47 million tons of fuels with total revenue amounting to more than US$36 billion and profit reaching over VND13 trillion (US$0.57 billion) by the end of the first quarter of 2017.
BSR has paid over US$7 billion in taxes to the State.
Questions & Answers
Q.What percentage of Vietnam's expected domestic demand for petrol and DO will the two main refineries, Dung Quat and Nghi Son, be able to meet?
What percentage of Vietnam's expected domestic demand for petrol and DO will the two main refineries, Dung Quat and Nghi Son, be able to meet?
From 2018, Dung Quat and Nghi Son refineries can supply 92% of the domestic petrol demand and 82% of the domestic DO demand. This leaves a shortfall that will be met by imports.
Q.Which countries are expected to be the source of Vietnam's fuel imports to cover the domestic shortfall?
Which countries are expected to be the source of Vietnam's fuel imports to cover the domestic shortfall?
The shortfall in domestic fuel production will be offset by imports from Singapore, Malaysia, Thailand, South Korea, and China. These countries will supply the necessary extra fuel.
Q.How much crude oil will Nghi Son Oil Refinery be able to process annually once it becomes operational next year?
How much crude oil will Nghi Son Oil Refinery be able to process annually once it becomes operational next year?
Nghi Son Oil Refinery will have an annual processing capacity of 10 million tons of crude oil once it is put into operation next year. This capacity contributes significantly to local fuel production.
Q.How much revenue and profit has the Dung Quat Oil Refinery generated since it began operations seven years ago?
How much revenue and profit has the Dung Quat Oil Refinery generated since it began operations seven years ago?
Since its debut, Dung Quat Oil Refinery has generated over US$36 billion in total revenue. By the end of the first quarter of 2017, its profit reached over VND13 trillion (US$0.57 billion).
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