Hyundai Engineering is the latest investor trying to get the EPC contract for the Dung Quat Refinery expansion project Heavyweights for Dung Quat Refinery Most recently, vice chairwoman of the Committee for Management of State Capital at Enterprises Nguyen Thi Phu Ha had a working session with C.H. Kim, director of process plant of HEC. At the working session, on behalf of HEC, Kim expressed interest in enhancing and expanding Dung Quat Refinery which is managed by Binh Son Refining and Petrochemical Co., Ltd. (BSR). The representative of HEC also affirmed that the company can arrange the capital for the project on its own. Ha added that along with HEC, numerous investors are eyeing Dung Quat Refinery. Previously, in September 2018, the joint venture of Wagan Corporation, GHN Group, and Masters Depot, as well as domestic firm Tin Thanh Group Co., Ltd. looked to co-operate with each other to enhance and expand Dung Quat Refinery. The parties discussed plans for the input and output … [Read more...] about Hyundai Engineering gunning for Dung Quat Refinery expansion project
Dung quat refinery expansion
Dung Quat oil refinery looks for special incentives
Dung Quat oil refinery is seeking the government's approval to enjoy the same incentives given to Nghi Son oil refinery to ensure fair competition. Dung Quat oil refinery looks for special incentives The Danang People’s Committee has recently submitted a document to the government to report on the difficulties that the managing board of Dung Quat oil refinery are facing, requesting similar incentives that are applied to Nghi Son oil refinery. Notably, according to chairman of Danang People’s Committee Tran Ngoc Cang, there is an oversupply of petroleum and oil in the market due to the two oil refineries, which makes it difficult for Dung Quat to sell its products. “Nghi Son oil refinery sold its first batch of products in May 2018, at a time when the demand for petroleum and oil products was low, while the supply of Dung Quat oil refinery was plentiful, heavily impacting the sales of Dung Quat,” the report stated. The expansion is expected to be … [Read more...] about Dung Quat oil refinery looks for special incentives
Dung Quat oil refinery seeks same treatment from government as rival
In a petition to the government, the province Chairman, Tran Ngoc Cang, said the petroleum market is suffering from a supply overhang and low prices since a second refinery -- Nghi Son – went on stream. By the end of September Nghi Son, had sold nearly 1 million cubic meters of products, exacerbating the excess supply, though much of its products are going into warehouses rather than consumed, he said. The current domestic supply would see it exceed demand by 0.8-1 million cubic meters in the case of each kind of product. "Nghi Son oil refinery has been selling its products in the domestic market since May 2018, just when the market demand was low and the supply from imports and [Dung Quat] was high." Quang Ngai authorities also listed the difficulties faced by Dung Quat, the country’s first refinery, due to differences in tax policies applicable to import of crude oil by the two refineries. The tax rate is 5 percent if the crude is … [Read more...] about Dung Quat oil refinery seeks same treatment from government as rival
Dung Quat Oil Refinery plant expansion project to be reported at NA
The Dung Quat Oil Refinery PlantThe ministry will also prepare some reports related to realizing Resolution 62/2013/QH13 about enhancing scheme management, investment and operation of hydropower plants such as Lai Chau hydropower plant project, Son La hydropower plant and Bung 4 River and Thuong Kon Tum hydropower plants. For other ministries, the Prime Minister entrusted ministers and heads of ministerial-level agencies to report the implementation of the Resolution of the NA about supervision of special subjects and inquiries from the beginning of the term to the end of the fourth session of the 14th NA. In addition, the implementation of Resolutions of the 13th NA about supervision of special subjects and inquiries and Resolution 63/2018/QH14 of the fifth session of the 14th NA will be reported./. BTA … [Read more...] about Dung Quat Oil Refinery plant expansion project to be reported at NA
IPO of Dung Quat Oil Refinery: New momentum for oil and gas sector
BSR leader directing the operation of the Dung Quat Oil Refinery PlantBSR - Highlight of IPO Mr. Tran Sy Thanh, 12th PCC member and Chairman of the Board of Members of PetroVietnam, said the biggest success of BSR, PV Oil and PV Pover is the conversion into joint stock companies (JSC) that is considered an opportunity to restructure and tighten the organization to make the group stronger and more professional. BSR always has highlighted optimization work and scientific research, contributing to cost savings for production activities. In the first 7 months of the year, the saving value of the company is VND563.78 billion, exceeding 16.8% of the assigned value (VND482.64 billion). In addition, it researched and applied technical solutions to increase the capacity of the Dung Quat Oil Refinery Plant to 118%. The main targets set for the 2018-2022 period include: safe, stable and effective production towards sustainability; basically completing the research and expansion of the Dung Quat … [Read more...] about IPO of Dung Quat Oil Refinery: New momentum for oil and gas sector
US investors look to develop expaned Dung Quat Refinery
The joint venture of Wagan Corporation, GHN Group, and Masters Depot and domestic firm Tin Thanh Group Company Limited are looking to co-operate with each other to enhance and expand Dung Quat Refinery. US investors are looking to join the expansion project of Dung Quat Refinery On August 28, the joint venture and Tin Thanh joined a working session with Binh Son Refining and Petrochemical Co., Ltd. (BSR), the investor of Dung Quat Refinery, to look for an investment opportunity in the expansion of the refinery. The parties discussed plans for the input and output of the plant as well as technology to be applied. The expansion is expected to be completed in 2020 and upon completion, the expanded refinery’s capacity will increase by 30 per cent or two million tonnes a year, to 8.5 million tonnes. It will be able to meet half of Vietnam’s fuel demand. The expansion is expected to be completed in 2020, upon completion, the expanded refinery’s capacity … [Read more...] about US investors look to develop expaned Dung Quat Refinery
Lack of credit affects Dung Quat expansion project
Lack of credit affects Dung Quat expansion projectBy Ngoc Lan A view of Dung Quat oil refinery in the central province of Quang Ngai – PHOTO: TTXVN HANOI - The expansion of the Dung Quat oil refinery in the central province of Quang Ngai is scheduled to start this quarter, but difficulties in financial arrangement may cause delays for the project. According to the planned progress of the project, to raise the production capacity of the refinery from 6.5 million tons per year to 8.5 million tons, Binh Son Refining and Petrochemical Co., Ltd, (BSR) will open the first phase of the engineering, procurement and construction contract next month. If it goes smoothly, the expansion project will start commercial operations in 2022. The capital arrangement plan was prepared two years ago and was published in a prospectus when BSR launched its initial public offering. BSR recently confirmed that 30% of the capital amount of US$1,269 million was from equity and 70% was from loans, … [Read more...] about Lack of credit affects Dung Quat expansion project
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
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