“The in-principle prime ministerial approval has allowed us to issue an investment certificate. I expect the certificate handover ceremony will be held next month, so investors can start building the refinery early next year,” said an official from the Phu Yen Planning and Investment Department.
If construction proceeds on schedule, the Vung Ro oil refinery should become operational in 2012 when
To meet rising domestic demand, the state-run Vietnam National Oil and Gas Group (PetroVietnam) is working on three oil refineries - two in central Thanh Hoa and Quang Ngai provinces, and one in southern Ba Ria Vung Tau province with a combined production output of some 20 million tons per annum.
Meanwhile, it exported over 11.2 million tons of crude oil totaling nearly 5.8 billion dollars, posting respective year-on-year declines of 10.4 percent and 11.3 percent.