Thursday, January 24, 2008

Vietnam's Petechim, refinery sign oil supply contract

The PetroVietnam Trading Corporation (Petechim), on January 23, signed a contract to provide the Dung Quat Oil Refinery with 6.5 million tonnes of crude oil a year when the country’s first refinery goes into operation in 2009.

Petechim – the newly-relaunched subsidiary of the Viet Nam Oil and Gas Group (PetroVietnam) – also reached a deal with Zarubezneft under which the Russian company will supply it with equipment.

Also on January 23, Petechim inaugurated its two new subsidiaries, namely Petechim Oil Trading, engaging in oil and gas import-export and trade, and Petechim Servimex, specialising in equipment and technical service import and export.

The name of Petechim is associated with Viet Nam ’s crude oil export operation since 1987. It has so far exported 215 million tonnes of crude oil, earning a revenue of more than 54 billion USD. (VNA)