PV Oil to distribute products from Dung Quat oil refinery

PetroVietnam Oil Corp. (PV Oil), an affiliate of Vietnam Oil and Gas Group, signed a contract with Binh Son Oil Refining & Petrochemical Co. Ltd. to continue the distribution of all products from the nation’s first oil refinery in Dung Quat. As a result, PV Oil is expected to distribute around 4.2 million tons of petroleum and other oil products refined by the plant, located in the central province of Quang Ngai. The US$3.054-billion plant is expected to refine 5.2 million tons of crude oil into 4.18 million tons of products, earn revenues of VND63 trillion (US.$3.3 billion), and pay taxes of between VND7.45 trillion (US$393.35 million) and VND8.8 trillion (US$464.63 million) this year. (June 18, 2010)