(VEN) - The Dung Quat Oil Refinery is a major national project with total investment of more than US$3 billion and a processing capacity of 6.5 million of crude oil per year. The oil refinery is based in the Dung Quat Economic Zone that belongs to Binh Thuan and Binh Tri communes, Binh Son district, Quang Ngai province.
It uses technology of the most developed countries in the world such as France, the US, Japan, Spain and Germany. The Dung Quat Oil Refinery plays a very important role in ensuring energy security and contributes to boosting industrialization and modernization of the country.
The Binh Son Oil Refining and Petrochemical Company Limited was established pursuant to Decision 1018/QD-DKVN dated May 9, 2008 of the Management Board of the Vietnam National Oil and Gas Group. This company was established to take over, manage and operate the Dung Quat Oil Refinery, playing the pioneer role and laying the foundation for the Vietnamese oil refining and petrochemical industry to develop. The company also trains highly qualified human resources in this field.
The company's strategic development guidelines are:
"Safe production - Effective business - Modern technology - Professional human resources - Quality products - Diverse services - Environmental friendliness - Building prestige in cooperation - Seeking new opportunities - Building business culture."
With the processing capacity of 6.5 million tonnes of crude oil per year, the Dung Quat Oil Refinery will make the following kinds of products:
The annual industrial production value that is created by the Dung Quat Oil Refinery is estimated to reach VND65-70 trillion. In 2009, this oil refinery paid more than VND2.4 trillion in taxes to the State budget. In 2010, the Binh Son Oil Refining and Petrochemical Company Limited will pay more than VND14.4 trillion in taxes to the State budget, creating an impulse for the development of coastal areas in central Vietnam and turning Quang Ngai from a province with low budgetary revenue (VND100 billion in 2000, VND529 billion in 2005) into one of the top provinces in terms of budgetary revenue (more than VND6.43 trillion in 2009). Quang Ngai province's budgetary revenue is predicted to exceed VND10 trillion in 2010./.
By Hong Ha
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