Petrovietnam Sees Continuous Growth

Founded in 1975, Petrovietnam is involved in all activities concerning exploration and exploitation, import and export, transport and service, refinery and distribution of oil. So far, Vietnam has to export all its crude oil and import refined products at high prices together with equipment. To develop the industry, Vietnam will make the best use of its potential and refine oil and gas here. General Director Tran Ngoc Canh of Petrovietnam said that projects will be completed to bring over 16 million cubic metres of gas from offshore a day to generate power, produce LPG, operate electricity-urea plants and industrial zones.

In the past few years, Petrovietnam has made important contributions to economic development. In 2004 alone, the output of gas an oil was over 30 million tonnes, exporting 19.5 million tonnes of crude oil valued at US$5.7 billion (2.3 million tonnes and US$1.84 billion more than 2003), contributing some VND50,000 billion to the State revenue. However, with its low base, Petrovietnam needs foreign partnership to apply advanced technology and develop the industry, Mr Canh added. Refinery projects are under construction in Dung Quat and Nghi Son to ensure both schedule and quality. It is expected that by 2010 Petrovietnam will be a strong group distributing oil and gas products not only in Vietnam but also in the world market.

• Hiep Thuong