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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 Vietnam’s Dung Quat refinery. Binh Son Refining and
Petrochemical said in a statement the project would raise the refinery’s
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. |
