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Saturday, 26 April 2008 |
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Prime Minister Nguyen Tan Dung has given Vietnam Oil and Gas Group (PetroVietnam) the go-ahead to establish a subsidiary for trading oil and oil products.
According to a decision issued by the Prime Minister’s Office on April 23, Binh Son Refining-Petrochemical Co.Ltd., located in the Dung Quat Economic Zone in Quang Ngai province, will specialise in trading products from the Dung Quat Refinery and will not be involved in any other business.
The 2.5 billion USD Dung Quat Oil Refinery is expected to go on stream next February.
The refinery, with an installed capacity of 140.000 barrels per day, will carry out a test run of its power supply networks at the end of this year. |
National oil-and-gas giant PetroVietnam announced yesterday it would boost domestic natural gas production, continue seeking less expensive foreign sources and take additional measures aimed at reining in rising fuel and fertiliser costs.
The Viet Nam Shipbuilding Industry Group (Vinashin) said it will finalise procedures to equitise its four leading subsidiaries by the end of the second quarter in a bid to sharpen its competitiveness.
Vietnam’s industrial production for April was valued at VND54.988tril (US$3.43bil), reports the General Statistics Office.
State-owned forestry and agricultural farms won't be equitised but their production models will be revised, Deputy Prime Minister Nguyen Sinh Hung has said.