Petrolimex to Boost Investment in Oil Refining, Upstream Oil Fields in 2009

The state-owned Vietnam National Petroleum Corporation (Petrolimex), the biggest petroleum distributor in the country, has said that it would pour much cash into oil refining & petrochemical, and upstream oil fields during this year, said Vuong Thai Dung, Petrolimex's deputy general director.

 

Petrolimex will also accelerate preparation for construction of a US$4.5 billion petrochemical and oil refinery complex in Van Phong Bay’s economic zone in the south central province of Khanh Hoa in a bid to put it into operation in 2013, Dung attributed.

 

Last year, Petrolimex's pre-tax profit reached VND1.442 trillion (US$87.39 million).

 

In the field of petroleum trading, the corporation netted profit of VND152 billion (US$9.21 million) after deducting its loss compensation of VND407 billion (US$24.66 million).

 

Apart from ensuring sufficient petrol supply for domestic demand, Petrolimex exported nearly 1.6 million tons to regional countries last year.

 

Regarding petrol transportation, the corporation earned VND5.74 trillion (US$347.87 million) from conveying nearly 70 per cent of petroleum imports and exports via its two vessels with loading capacity of 300,000 DWT each, and still kept the first position in oceangoing and road transportation.

 

The biggest petroleum distributor attained nearly VND3 trillion (US$181.81) from trading 110,000 tons of asphalt and refined petroleum products during the year.

 

Despite unfair competition among liquefied petroleum gas (LPG) companies trading in the Southeast Asian country, Petrolimex is still listed among Vietnam's leading gas traders with revenue of VND1.7 trillion (US$103.03 million). (www.moit.gov.vn) )