PetroVietnam to rework Dung Quat financial plan

Vietnam’s Prime Minister (PM) Nguyen Tan Dung has requested that the state-run oil monopoly Vietnam National Oil and Gas Group (PetroVietnam) and the Ministry of Finance (MOF) rebuild the financial plan for Vietnam’s first oil refinery Dung Quat in central Quang Ngai province. The MOF is responsible for guiding the implementation of incentive policies for the oil refinery in line with corporate income tax, personal income tax, and Decision No. 546/QD-TTg, which was issued in 2005 by the PM. The US$3.1-billion refinery has, to date, produced gasoline A92, kerosene, diesel oil, and liquefied petroleum gas (LPG) for the market. The plant had sold a total of 5,630 tons of petroleum products on the domestic market between February 22 and June 30, 2009. It is expected to produce 2.6 million tons of petroleum products, including nearly one million tons of gasoline, this year. (July 15, 2009)