The provincial authorities have petitioned PM to consider matters, including a project of a national coastline through the province, planning adjustment and titanium ore processing. PM highly appreciated the provincial State budget collection which is expected to reach VND6,500 billion in 2018. He has agreed with the province’ proposal to build Phan Thiet airport to become a double purpose airfield. On the same day, Prime Minister Nguyen Xuan Phuc also had a working session with leaders of the central coastal province of Quang Ngai to solve socio-economic issues, including ensuring the effective operation of Dung Quat Oil Refinery Plant. He gave a nod to the provincial authorities to build Dung Quat Economic Zone to become a national energy and oil-refining center, and implement the upgrading and expansion project of Dung Quat Oil Refinery Plant. The PM suggested Quang Ngai province to upgrade infrastructure, airport, sea ports and call for PPP investment as well as strengthen … [Read more...] about PM okays construction of Phan Thiet Aiport to become double-purpose airfield
Dung quat refinery expansion
PM okays construction of Phan Thiet Aiport to become a double-purpose airfield
The provincial authorities have petitioned PM to consider matters, including a project of a national coastline through the province, planning adjustment and titanium ore processing. PM highly appreciated the provincial State budget collection which is expected to reach VND6,500 billion in 2018. He has agreed with the province’ proposal to build Phan Thiet airport to become a double purpose airfield. On the same day, Prime Minister Nguyen Xuan Phuc also had a working session with leaders of the central coastal province of Quang Ngai to solve socio-economic issues, including ensuring the effective operation of Dung Quat Oil Refinery Plant. He gave a nod to the provincial authorities to build Dung Quat Economic Zone to become a national energy and oil-refining center, and implement the upgrading and expansion project of Dung Quat Oil Refinery Plant. The PM suggested Quang Ngai province to upgrade infrastructure, airport, sea ports and call for PPP investment as well as strengthen … [Read more...] about PM okays construction of Phan Thiet Aiport to become a double-purpose airfield
BSR Co., Ltd: Sustainable growth based on technology and creativity
(VEN) - In mid-April 2018, Binh Son Refining and Petrochemical Company Limited (BSR Co., Ltd) was again honored at the 14th National Technical Innovation Contest as it owned one of four innovative solutions of the petroleum and gas industy awarded this time. Competing with 536 other solutions nationwide, the solution themed "Improving reliability and optimizing operation of depressurization stations in Dung Quat Oil Refinery" by author Nguyen Ngoc Thanh and his colleagues from BSR won the third prize. In previous competitions, BSR also often had solutions to win prizes. During 10 years of operation of Dung Quat oil refinery, BSR showed its capability to master science and technology and promoted initiatives and creativity in production. So far, BSR has had more than 163 initiatives, benefiting the State US$138 million. The company has implemented 33 scientific research projects, most of those have been applied in production and business activities, bringing high … [Read more...] about BSR Co., Ltd: Sustainable growth based on technology and creativity
Oil giant found guilty of gross business misconduct
The Government Inspectorate has uncovered serious misconduct by the state-owned Vietnam National Oil and Gas Group (PetroVietnam). PetroVietnam squandered trillions of dong in non-core business activities Prime Minister Nguyen Tan Dung has agreed with a report that included proposals to deal with PetroVietnam’s failures. Wasted According to the inspectorate, PetroVietnam misused over VND126 trillion (USD6.03 billion) worth of its investment and development fund by extracting a part of its net profits. Instead of investing in major oil and gas projects and business expansion as well as contributing capital to oil and gas contractors, the firm used the funds to subsidise its subsidiaries. PetroVietnam spent VND352 billion (USD16.86 million) on a provincial project to construct a road connecting Ca Mau City with the Ca Mau Gas Power Fertiliser complex. The firm also used over VND40 billion (USD1.91 million) from the fund for communal road construction and over … [Read more...] about Oil giant found guilty of gross business misconduct
PM approval sought for Dung Quat oil refinery expansion
PM approval sought for Dung Quat oil refinery expansionBy Quoc Hung - The Saigon Times DailyHCMC - The Vietnam National Oil and Gas Group, or PetroVietnam, is reportedly seeking the Prime Minister’s approval for scaling up the capacity of its Dung Quat oil refinery plant under construction in the central province of Quang Ngai, a source said.Le Van Dung, director of Dung Quat Economic Zone Authority’s Investment Promotion Center, told the Daily on the phone that PetroVietnam was seeking to expand the refinery’s capacity to 10 million tons from the current 6.5 million tons per year in partnership with foreign investors. He said PetroVietnam submitted the proposal to the Prime Minister last month.The country’s first oil refinery covering 338 hectares of land and 473 hectares of water surface is under construction in Binh Son District in the province. The expansion is needed to ensure national energy security and to meet the increasing demands for fuel in the … [Read more...] about PM approval sought for Dung Quat oil refinery expansion
BUSINESS IN BRIEF 14/1
Pepper growers concern about falling pricesPepper growers are entering the harvest season of 2018 in the southeastern region of Vietnam, concerning about price fall and output reduction because of pests and diseases.Traders now pay VND65,000-66,000 a kilogram of pepper, accounting for half of the price in the same period last year.Long lasting rains last year created conditions for pests and diseases to attack pepper crop, resulting in output drop this year.According to statistics, high pepper prices in previous years sent farmers to expand farming area to 40,100 hectares in Ba Ria-Vung Tau, Dong Nai and Binh Phuoc provinces in 2017. The area far exceeds the plan of 12,800 hectares by 2020 of the Government.That has broken supply and demand balance causing continuos price reductions for the last two years. Enterprises develop fast in number, efficiency low: economic survey 2017Data from economic survey of HCMC 2017 showed that although the number of enterprises quickly develops, their … [Read more...] about BUSINESS IN BRIEF 14/1
Deputy PM urges PetroVietnam to up efficiency
Deputy Prime Minister Trinh Dinh Dung urged the Viet Nam Oil and Gas Group (PetroVietnam) to focus on restructuring and improving business efficiency in 2018.Dung at PetroVietnam’s conference to implement 2018 tasks held on Friday appreciated the efforts of PetroVietnam to achieve higher-than-target results in 2017 despite significant impact from low oil prices in the global market.“The most difficult time of PetroVietnam is gradually over. Now, resources should be focused on restructuring the management system from the parent company to the affiliates to streamline and enhance operation and restructuring investments to prevent losses and enhance efficiency,” Dung said. “At the same time, PetroVietnam must hasten the application of industry 4.0 technologies to move towards sustainable development.”Dung asked PetroVietnam to effectively implement the oil and gas industry development strategy by 2025 with a vision to 2035.He said the government would support … [Read more...] about Deputy PM urges PetroVietnam to up efficiency
US firm eyes 49% stake in Dung Quat Oil Refinery
At a recent roadshow to promote investment in BSR in Hanoi, Nguyen Thi Thanh Phuong, representative of Polestar in Vietnam, said the group is experienced in exploring and transporting oil and gas, so it wants to buy shares of BRS and PetroVietnam Oil Corporation (PV Oil) to supply crude oil for these two firms.The group will initial a contract with BSR to buy the shares at the end of this month. The group has plans to join the Dung Quat Oil Refinery expansion project, build a storehouse with fuel tanks, implement customs procedures and participate in the fuel export sector wherein PV Oil is a monopolistic player.Vitol Group, a global energy and commodity trading company, also expressed interest in BSR shares, saying it wants to enter the Vietnamese fuel market.BSR planned to offer 7.79% of its shares on the Hochiminh Stock Exchange (HOSE) on January 17 at a price starting from VND14,600 per share. A 49% stake will be sold to strategic investors in the next phase, reducing State … [Read more...] about US firm eyes 49% stake in Dung Quat Oil Refinery
U.S. firm eyes 49% stake in Dung Quat Oil Refinery
Polestar Inc, a firm specializing in oil and gas transport in Texas in the U.S., wants to acquire a 49% stake in Binh Son Refining and Petrochemical Company (BSR), the operator of Dung Quat Oil Refinery. A night view of Dung Quat Oil Refinery, which processes and supplies 30% of fuels on the Vietnamese market At a roadshow to promote investment in BSR last weekend in Hanoi, Nguyen Thi Thanh Phuong, representative of Polestar in Vietnam, said the group is experienced in exploring and transporting oil and gas, so it wants to buy shares of BRS and PetroVietnam Oil Corporation (PV Oil) to supply crude oil for these two firms.The group will initial a contract with BSR to buy the shares at the end of this month. The group has plans to join the Dung Quat Oil Refinery expansion project, build a storehouse with fuel tanks, implement customs procedures and participate in the fuel export sector wherein PV Oil is a monopolistic player.Vitol Group, a global energy and commodity trading … [Read more...] about U.S. firm eyes 49% stake in Dung Quat Oil Refinery
PetroVietnam told to thoroughly deal with ailing projects
Deputy Prime Minister Trinh Dinh Dung speaks at the meeting of PetroVietnam on January 12 (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Trinh Dinh Dung attended a meeting on January 12 of the Vietnam National Oil and Gas Group (PetroVietnam), asking it to thoroughly address problems of five ailing projects in 2018. These projects are the Dinh Vu polyester fibre factory, the Dung Quat shipbuilding factory, and three bio-fuel plants. At the meeting, which reviewed the group’s performance in 2017 and set tasks for 2018, the Deputy PM recognised PetroVietnam’s efforts to complete most of the tasks assigned by the Government. However, there remain problems that may affect PetroVietnam’s development in 2018 and the following years, he said, elaborating that most existing oil and gas fields are now in the final stage of exploitation, leading to a decline in output, while the exploration of new fields is still slow due to limited capital and capacity. In … [Read more...] about PetroVietnam told to thoroughly deal with ailing projects