4:20:01 PM | 5/9/2008
Vietnam has produced more than 225 million tons of crude oil since it began extracting and exporting crude oil in the late 1980s, the Thanh Nien Daily newspaper reported September 4.
Crude oil export has brought in about US$50 billion for the country over nearly 20 years, it said.
In the first eight months of this year, nearly 9 million tons of crude oil was shipped abroad to generate a turnover of US$7.88 billion, up 53.3 per cent on year in value but down 10.8 per cent on year in volume.
Though Vietnam is Asean’s third-largest crude oil producer, it still imports most of its petroleum products due to the lack of a refinery.
The underway US$2.5-billion Dung Quat oil refinery in the central province of Quang Ngai, the first of its kind in the country, is accelerating work in order to become operational by February next year as scheduled.
The commissioning of the oil refinery is expected to produce approximately 3 million tons of diesel and 2 million tons or fuel and other petrochemical products annually, meeting around 33 per cent of domestic demand. (Thanh Nien Daily)
Vietnamese
