Oil Refinery Remains Slick Operation

By VNS, July 31st, 2013

The Dung Quat Oil Refinery sold more than 3.3 million tonnes of products in the first seven months of 2013, fulfilling approximately 60 per cent of its target for this year.

Dinh Van Ngoc, general director of the Binh Son Refining and Petrochemical Company which operates the refinery, said during the period, the refinery earned a revenue of VND70 trillion (over US$3.33 billion) or 65 per cent of the 2013 target, and contributed VND11.8 trillion ($562 million) to the State budget.

To increase the efficiency of the Dung Quat Oil Refinery, the company will continue to process crude oil from various sources to replace supplies from the Bach Ho field. It will also upgrade and expand the factory.

The country’s only oil refinery plans to produce 6.5 million tonnes of products in 2013, nearly 1 million tonnes higher than last year.

It is expected to hit VND120 trillion or $5.7 billion in revenue and contribute VND16.8 trillion ($800 million) to the State budget in 2013, the highest figure since the plant opened in 2009.

Over the past four years, the refinery had contributed more than VND45 trillion to the national budget, VND2 trillion higher than its investment capital.

In 2012, despite many difficulties, it produced nearly 5.5 billion tonnes of products, meeting 91 per cent of its yearly target, while channelling VND15 trillion into the State coffers.

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