">Forum Views ()
">Forum Replies ()
Read more with google mobile :
Vietnam to open first oil refinery
Yahoo!
My Yahoo!
Mail
Yahoo! Search
Search:
Sign InNew User? Sign Up
News Home -
Help
Navigation
Primary Navigation
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Secondary Navigation
Singapore
Asia Pacific
World
Search
Search:
Vietnam to open first oil refinery
AFP - Monday, February 23
DUNG QUAT, Vietnam (AFP) - - Vietnam was to open its first oil refinery Sunday after more than a decade of delays, in what is being hailed as a significant moment in the country's development and energy security.
ADVERTISEMENT
Prime Minister Nguyen Tan Dung is expected to inaugurate the more than 2.5-billion-dollar Dung Quat refinery Sunday evening live on prime-time television, an indication of its importance to the communist country.
Although Vietnam has considerable offshore oil reserves, it currently has to import all its petroleum products, costing the Southeast Asian nation hundreds of millions of dollars as energy consumption soars.
It spent 10.88 billion dollars importing refined products in 2008, according to official figures, while exporting 10.45 billion dollars of crude oil.
State-owned PetroVietnam Group financed and will run the new facility, which is expected to churn out 6.5 million tonnes a year or 148,000 barrels per day -- about 30 percent of the country's needs.
PetroVietnam, which expects the refinery in the centre of the country to be at full capacity from August, is designing another refinery, in the north, and has tentative plans for a third as Vietnam strives for energy autonomy.
"Dung Quat refinery is one of the most modern in the world," said Dinh Van Ngoc, senior vice-president and chief executive of the arm of PetroVietnam that will run and manage the facility.
"It's very meaningful for Vietnam, both practically and also spiritually -- it can prove to the whole nation and Vietnamese people that Vietnam can build a refinery."
Ngoc told AFP the final cost of the refinery would be higher than 2.5 billion dollars, but declined to be more specific.
The complex, built by an international consortium led by French oil services group Technip, has a long and chequered history.
When plans were first drawn up in the 1990s, the estimated cost was 1.5 billion dollars.
But several foreign backers pulled out, among them French giant Total, which baulked at the authorities' insistence that the refinery be built in a mainly agricultural area with no tradition of heavy industry.
Critics and foreign investors argued that central Quang Ngai province was too far from the offshore oil reserves in the south and from Ho Chi Minh City, Vietnam's commercial capital.
Experts say the government refused to have the first refinery anywhere else because it wanted to develop one of the poorest regions in the country.
The communist leaders also want to forge a new industrial area as a counterbalance to the capital Hanoi, in the north, and Ho Chi Minh City, formerly Saigon, in the south.
Authorities hope the refinery and the industrial zone being built around it will create jobs for more than 20,000 people in the area, spurring the local economy.
New roads have been built in the zone and around the refinery, with a handful of new factories springing up, including at least one from South Korea.
Bruno Le Roy, the engineer managing the site for Technip, acknowledged it was "a political decision" to build the refinery in Quang Ngai province, referring to the authorities' determination to bring money to central Vietnam.
"I've seen in the last two years a big change in this area," he told AFP at the refinery, which covers 338 hectares (834 acres) of what was once farmland.
But local menial labourer Nguyen Van Ha, 28, said the refinery offered nothing for the millions of unskilled workers in the region.
"I wish I had some skills to find a stable job there but I know nothing about it so I don't see it meaning much to me," he said.
Vietnam's economy grew 8.5 percent in 2007, and its energy needs for industry, households and transport are estimated to be rising at twice that rate.
Economic growth was however down to 6.2 percent in 2008, the lowest level in almost a decade, although premier Dung earlier this month said he expected the slowdown to end by May.
Email Story
IM Story
Printable View
Blog This
Recommend this article
Average (0 votes)
Sign in to recommend this article »
Most Recommended Stories »
Related Articles: China's Economy
Vietnam to open first oil refineryAFP - Monday, February 23
Asia diplomats expand crisis fund to $120blnAFP - Monday, February 23
Asian finance ministers meet on economic crisisAFP - Monday, February 23
Clinton urges China to keep buying Treasury bondsAP - Monday, February 23
Related Articles: Business
US-BUSINESS SummaryReuters - 50 minutes ago
GLOBAL MARKETS WEEKAHEAD-End of bear market ralliesReuters - 57 minutes ago
Germany: EU backs blanket financial regulationAP - 1 hour 7 minutes ago
UBS chairman attacked over U.S. tax fraud probe: paperReuters - 1 hour 14 minutes ago
Europe backs hedge fund oversight, haven crackdownReuters - 2 hours 1 minute ago
Related Full Coverage
China Economy
china economy
All Full Coverage
Most Popular – Business
Viewed
Huge gamma-ray blast spotted in space
Terminally ill British TV star marries as cameras roll
Seductive chemicals hidden in sloppy kisses
Obama hails 'quickest and broadest' tax cut
Malaria: Spoonful of sugar could save thousands of children
View Complete List »
Search:
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved.
Privacy Policy
- Terms of Service
- Community
- Intellectual Property Rights Policy
- Help
Other News on Sunday, 22 February 2009 North Korea accuses U.S. of war-mongering
| International
|
Pakistani Taliban say Swat ceasefire to be reviewed
| International
|
U.S. forces kill 13 Afghan civilians in air strike
| International
|
Tens of thousands march against cutbacks in Ireland
| International
|
Rwandan troops start preparations to leave Congo
| International
|
Sri Lanka rebels say suicide air raids successful
| International
|
Egypt says to host Palestinian talks on Feburary 25
| International
|
Russian protestors demand elections as crisis bites
| International
|
NOW New York President Slams Media Over Coverage Of Muslim Man's Beheading Of His Wife
Yahoo may reveal management revamp next week: report
| Technology
|
PA Police Charge 11-Year-Old Boy In Shooting Death Of Pregnant Woman
National Satellite Mistakenly Shows California-Sized Ice Mass Disappear
NOW New York President Slams Media Over Coverage Of Muslim Man's Beheading Of His Wife
2 rockets fired from Lebanon toward Israel
Blast in China coal mine kills 44, dozens trapped
| International
|
US tests military exit routes out of Iraq
Australia mourns victims of bushfire disaster
| International
|
Egypt says to host Palestinian talks on Feburary 25
Chavez and Castros hold talks in Havana
| International
|
Iran blocks Web sites promoting reformist Khatami
BofA rules out nationalization and fresh aid: report
Clinton ends China visit with church, Web chat
| International
|
Sudan to release 24 Darfur prisoners
Obama hails 'quickest and broadest' tax cut
Barroso calls for curb on bankers' bonuses: report
ASEAN finmins agree outline deal on forex swaps
| International
|
German FM urges international aid for Opel
Political prisoners among 6,000 freed in Myanmar
| International
|
Europe aims to restore G20 reform momentum
| International
|
US, China pledge joint effort on economy, climate change
US military deaths in Iraq war at 4,247
Hillary Clinton: diplomat, politician or advice columnist?
Obama draws fire for 'terror' detainee moves
Yahoo may reveal revamping next week: report
| Technology
|
Ecuador says expelled diplomat was 'CIA chief'
Analysis: Obama faces split opinion on Iraq future
UN Workers Give Hamas-Written Letter To Kerry To Deliver To Obama
Clinton presides over State Department 2.0
U.S. police plan arrest in Chandra Levy murder
US-TECH Summary
Russian protestors call on Putin to resign
Italian left elects Franceschini to succeed Veltroni
Worst of Guadeloupe's crisis over: French president
Twelve dead as Slovak train hits coach
Oscars set to shake up their act
| Entertainment
|
The Wrestler wins big at Spirit Awards
| Entertainment
|
Myers loses his mojo with Love Guru Razzie
| Entertainment
|
Japan snowstorm disrupts flights, damages houses
Clinton urges China's continued investment in US
Actors union rejects studio contract offer
| Entertainment
|
Three killed in Thai south: police
NKorea rejects UN envoy's trip: report
'Love Guru', Paris Hilton are top of the flops
Crisis brings threat of crime wave to China
Bird flu virus found again in Nepal
US Screen Actors Guild rejects studio contract offer
Political prisoners part of Myanmar's release
Taiwan leader calls for free trade pact with China
Australia holds national mourning day after fires
Hong Kong telecom workers protest forced leave
Australia will rise from 'ashes of despair': PM
Thai PM denounces protectionist policies
44 dead, dozens trapped in Chinese mine
Clinton urges China to keep buying US Treasuries
Oscar Countdown: Driver, step on the battery
S.Korea may use FX reserves to defend won-Yonhap
Full steam ahead for California bullet train
South Korean data shows trade surplus for Feb 1-20
Labour of love to save Nepal's royal statues
India's gold rush with a difference
Hilton, Myers top Razzies bill for year's worst
Japan bears brunt of global economic crisis
Myers loses his mojo with "Love Guru" Razzie
Vietnam inaugurates first oil refinery
Oscar is in the house: Trophies come to the Kodak
Satyam seeking new investors, auditor after fraud
Oscars secrets revealed! Well, some were, anyway
`Wrestler' wins top indie honors at Spirit Awards
Austerity and irreverance at London Fashion Week
Placing bling is a competitive thing at the Oscars
Sumatran tiger kills 2 loggers in west Indonesia
Moscow defends actions in cargo ship incident
Iraqi lawmaker accused in parliament suicide blast
MP accused in Iraq parliament suicide bombing
Pakistan to allay U.S. fears on pact with Islamists
| International
|
Oscar's 'Waltz with Bashir' Breaks Barriers In Arab World
Iran conducts tests at Bushehr plant this week
U.S. and Iraq launch new bid to eradicate al Qaeda
| International
|
Iran to begin operation of 1st nuclear power plant
Terminally ill British TV star marries as cameras roll
Netanyahu says can work with Obama for peace
| International
|
Sudan's Beshir in Egypt for Darfur talks
Clinton wraps up four-nation Asia tour
Iran conducts tests at Bushehr plant this week
| International
|
'Bibi' bids for broad Israeli coalition
Congo, Somalia conflicts make 350,000 new refugees
| International
|
Greece says pirates seize cargo ship off Somalia
| International
|
Zimbabwe PM Tsvangirai calls for reconciliation
| International
|
Top Afghan diplomat heads to US for war-review talks
NAACP Calls For Resignation Of NY Post Cartoonist, Editor
Massachusetts Drivers Would Pay Nation's Highest Gas Taxes Under Governor's Plan
Europe economies 'agree need for more regulation'
Pakistan militants mull permanent ceasefire
SKorean serial killer faces family murder charge
Sri Lanka kamikaze attack targeted air force
74 miners die, 114 injured in China mine blast
Clinton ends China visit with church and Web chat
Hollywood actors reject contract offer
Asian FMs agree to boost emergency fund by half
Actors union rejects studio contract offer
Blast in China coal mine kills 74
Vietnam to open first oil refinery
SAG rejects 'final offer' from producers
Taliban hold Pakistan official despite peace talks
Asian ministers: uphold free markets in downturn
73 miners die, 113 injured in China mine blast
Asia diplomats expand crisis fund to $120bln
Asian finance ministers meet on economic crisis
Clinton urges China to keep buying Treasury bonds
YSL art sale may restore market confidence
EU firm on ASEAN food standards: official
Dying TV star Jade Goody's marriage grips Britain
S.Korea expects $2.5 bln trade surplus in Feb
Dying star's TV marriage grips Britain
'Slumdog Millionaire' closing in on Oscars glory
French chef's dream: turn pork-gobbling Czechs into eco-gourmets
"The Wrestler" wins big at Spirit Awards
Hollywood actors reject contract offer
Actors union rejects studio contract offer
Endangered tiger kills 2 loggers in west Indonesia
SAG rejects 'final offer' from producers
'Love Guru', Paris Hilton are top of the flops
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights