Oil sector to focus on refinery, petrochemicals

Monday, Aug 05, 2013 07:00

Dung Quat Oil Refinery.—File Photo

QUANG NGAI (Biz Hub)— An executive from the Viet Nam National Oil and Gas Group (PetroVietnam) has stressed the need to develop the refining and petrochemical industries to help safeguard national energy and food security.

The industries are also essential to the country's industrialisation and modernisation, Tran Thi Binh, PetroVietnam Deputy General Director said at a seminar in the central province of Quang Ngai on Thursday that sought ways for the sustainable growth of the oil and gas sector.

The industries needs good planning, cutting-edge technologies and incentives for their projects, participants said, suggesting mobilising more foreign direct investment (FDI) and bank loans for the work.

According to PetroVietnam's Development Strategy by 2015, the Dung Quat Oil Refinery will increase its current refining capacity of 130,500 barrels a day to 200,000 barrels.

The Nghi Son Refinery will also be put into operation with a capacity of 200,000 barrels a day. The figure is expected to hit 400,000 barrels a day during the 2016-25 period.

Another oil refinery named Long Son is expected to be built soon.

By 2025, the oil and gas sector needs an investment capital of US$20-25 billion. — VNS

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