Petrovietnam sets target for 2009

PetroVietnam plans to produce products from the countrys first oil refinery by February 2009. The refinery will produce products to meet about 30% of the countrys demand. The refinery, which will cost US$2.5 billion, has been under construction in the Dung Quat Special Economic Zone since 2005, and at the end of July this year was 71% complete. Construction is being handled by four international engineering companies, namely, JGC Corp., Technip France, Technip Malaysia and Tecnicas Reunidas of Spain. According to PetroVietnam, the refinery will have a processing capacity of 6.5 million tons per year. A second and third refinery are also in the offing. (September 20, 2007)