A view of Nghi Son Petrochemical and Refinery Plant (Photo: ) The complex comprises two parts – a petrochemical and refineryplant project and a project to build a national storage for crude oil andpetrol products.
In the first phase, the petrochemical and refinery plantwill have a capacity of processing 12-13 million tonnes of crude oil per year,along with 0.66 million tonnes of condensate, LPG and Ethane. The output of theplant will be 7-9 million tonnes of petroleum and 2-3 million tonnes ofpetrochemicals each year.
In the second phase, the plant will receive additionalinvestments to increase its output by 3-5 million tonnes of petroleum and5.5-7.5 million tonnes of petrochemicals per year.
PetroVietnam plans to finalise dossiers for the proposal andsubmit to the Government in January next year. The firm will make a feasibility studyreport from June to December 2023 and expects to receive the project’sinvestment decision approval in the first quarter of 2024. After that,PetroVietnam will select the engineering-procurement and construction contractors in the period fromJanuary 2024 to December 2027.
According to PetroVietnam, gasoline consumption demand ofthe domestic market was 18 million tonnes in 2020, which will reach about 25million tonnes in 2025 and and up to 33 million tonnes in 2030, and continue toincrease in the future.
Meanwhile, the current domestic petrol supply is about 12.2million tonnes. Thus, the current domestic production capacity can only meetabout 70% of the demand in the domestic market at present and only 40% in 2030and 20% in 2045.
Besides, domestic petrol reserve is currently equivalent toonly less than 10 days of domestic consumption, which means the dependence onthe stability of production and supply of petroleum from imports isgreat.
The project has a total investment of nearly 19 billion USD in two phases (Photo: ) This means the domestic production capacity of petrolproducts is much lower than the consumption demand. Every year, Vietnam stillhas to spend billions of dollars to import petrochemical products to servedomestic demand.
PetroVietnam pumped 5.48 million tonnes of crude oil in thefirst six months of this year, surpassing the set target by 23%.
Meanwhile, gasoline production exceeded 14% of the plan,fertiliser production exceeded 8% of the plan, production and supply of gas,electricity and other energy products is also up.
The group’s revenue in the period was estimated at 468.3trillion VND (20 billion USD), up 55% year-on-year and double the goal set forsix months.
It contributed 66.1 trillion VND to the State budget, 2.2times that the half-year plan and an increase of 41% compared to thesame period last year.
This is considered a remarkable achievement in a context ofglobal geopolitical and economic instability, caused by the conflict inUkraine, increased inflationary pressures, and China's Zero COVID policy.
In 2021, PetroVietnam was listed among the three biggestcompanies in Vietnam behind Samsung Vietnam and Vietnam Electricity (EVN),according to the VNR500 rankings unveiled by Vietnam Report JSC.
The rankings were compiled based mainly on enterpriserevenue and other performance criteria such as total assets, employees, growthrates, profits, and prestige in the media.
PetroVietnam posted revenue of 620.2 trillion VND last year,surpassing the yearly plan by 26.4%, and up 28% year-on-year.
According to the firm, the building of the petrochemical-refinerycomplex and the national oil storage in the southern region is an optimalsolution in the current period./.
VNA
