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PetroVietnam says annual output unaffected by COVID-19 pandemic

November 26/2020

MOSCOW (MRC) -- Vietnam's state oil firm PetroVietnam said it was on track to meet its targeted rate of production this year, despite the impact of the coronavirus pandemic and the fall in global crude oil prices, reported Reuters.

The company, formally known as Vietnam Oil and Gas Group, produced 18.12 million tons of crude oil and gas equivalent in the year to Nov. 15, meeting 89% of the yearly target set before the pandemic, it said in a statement.

It produced 10.2 million tons of refined petroleum products during the period, meeting 86.5% of its yearly target, the company added.

PetroVietnam is the largest contributor to Vietnam's state budget and often accounts for more than 10% of the Southeast Asian country's gross domestic product.

The company said it paid 61.7 trillion dong (USD2.66 billion) to the state budget in the period, without giving comparative figures.

As MRC informed before, in H1 October, 2020, two consortiums led by Hyundai Engineering & Construction and Technip Italy were bidding for a USD1.8 billion project to upgrade and expand Vietnams Dung Quat refinery. Binh Son Refining and Petrochemical said in a statement the project would raise the refinerys capacity by 30% to 8.5 million tons of crude oil a year, or 170,000 barrels per day (bpd).

We remind that Binh Son Refinery and Petrochemical restarted the polypropylene (PP) plant at the beginning of October 2020 following a major maintenance shutdown. The 150,000 tons/year unit was taken off-stream on 12 August as the producer conducts overhaul at the upstream units.

According to MRC's ScanPlast report, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, excluding producers' inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.
Author:Margaret Volkova
Tags:PP, crude and gaz condensate, PP random copolymer, petrochemistry, Hyundai Engineering Plastics, PetroVietnam, Technip, Vietnam, Russia.
Category:General News
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