Vinatex is looking to build the first polyethylene (PE) fibre plant in Vietnam, to serve domestic textile and apparel production.
Construction of the plant, which will be a joint venture between Vinatex and Vietnam Gas and Petrolium Group PetroVietnam, is scheduled for the second quarter of 2008 at Dung Quat Economic Zone near Dung Quat oil refinery complex.
The PE fibre plant will cost VND3,000bn (US$187.5m), and production of the fibres themselves will use petrochemical products from Dung Quat Oil refinery complex.
Vietnam's textile and garment industry has previously performed stages like reeling fibre, knitting, dyeing, but PE fibre production is an entirely new field for the country.
Showing posts with label Oil - Gas - Petro. Show all posts
Showing posts with label Oil - Gas - Petro. Show all posts
Sunday, February 22, 2009
PetroVietnam earnings gush to all-time high
The Viet Nam National Oil and Gas Group (PetroVietnam) reported all-time record revenues last year, partly fuelled by higher than expected earnings from services, and planned to secure a 15% growth rate this year in a press conference on January 21 in Ha Noi.
“PetroVietnam notched up total revenues of 213.4 trillion VND (13.3 billion USD) last year, up 18.4% from a year earlier, and it was the first time that the group reached revenues surpassing the significant milestone of 200 trillion VND,” said group deputy general director Le Minh Hong.
Of the total revenue, about 8.8 billion USD came from exporting 15.7 million tones of crude oil. This was a record figure on the bank of sky-rocking oil prices on the global market.
However, export volumes remained lower than earlier expected as its output merely remained at 15.9 million tones of crude. The group had earlier estimated it would exploit up to 17.5 million tonnes, according to Hong.
Hong also stressed PetroVietnam’s tremendous growth in revenue from services, which hit roughly 50 trillion VND (3.1 billion USD) last year, double the figure of the previous year. Services include technical services, finance, and insurance, among others.
The group signed 13 oil and gas exploitation contracts, three of which were for exploitation abroad, in 2007.
It paid nearly 86 trillion VND (5.3 billion USD) into the State Budget, a year-on-year increase of 7.4%, and accounting for around 30% of total State revenues, Hong said.
To reach 15% growth in revenue this year, PetroVietnam planned to exploit and yield some 16 million tones of crude oil from exploitation in Viet Nam and abroad.
PetroVietnam general director Tran Ngoc Canh admitted that crude oil yields abroad, at just over 100,000 tonnes last year, were lower than expectations.
To secure sustainable growth and energy security, the group would not only warrantee exploiting oil and gas effectively at home but also strive to expand exploitation in oil fields abroad with 2-3 contracts anticipated to be inked this year, Canh said.
The group has managed to land oil and gas exploitation deals in Malaysia , Indonesia , Azerbaijan , Kazakistan , Iran , and Venezuela , Canh said. (VNA)
“PetroVietnam notched up total revenues of 213.4 trillion VND (13.3 billion USD) last year, up 18.4% from a year earlier, and it was the first time that the group reached revenues surpassing the significant milestone of 200 trillion VND,” said group deputy general director Le Minh Hong.
Of the total revenue, about 8.8 billion USD came from exporting 15.7 million tones of crude oil. This was a record figure on the bank of sky-rocking oil prices on the global market.
However, export volumes remained lower than earlier expected as its output merely remained at 15.9 million tones of crude. The group had earlier estimated it would exploit up to 17.5 million tonnes, according to Hong.
Hong also stressed PetroVietnam’s tremendous growth in revenue from services, which hit roughly 50 trillion VND (3.1 billion USD) last year, double the figure of the previous year. Services include technical services, finance, and insurance, among others.
The group signed 13 oil and gas exploitation contracts, three of which were for exploitation abroad, in 2007.
It paid nearly 86 trillion VND (5.3 billion USD) into the State Budget, a year-on-year increase of 7.4%, and accounting for around 30% of total State revenues, Hong said.
To reach 15% growth in revenue this year, PetroVietnam planned to exploit and yield some 16 million tones of crude oil from exploitation in Viet Nam and abroad.
PetroVietnam general director Tran Ngoc Canh admitted that crude oil yields abroad, at just over 100,000 tonnes last year, were lower than expectations.
To secure sustainable growth and energy security, the group would not only warrantee exploiting oil and gas effectively at home but also strive to expand exploitation in oil fields abroad with 2-3 contracts anticipated to be inked this year, Canh said.
The group has managed to land oil and gas exploitation deals in Malaysia , Indonesia , Azerbaijan , Kazakistan , Iran , and Venezuela , Canh said. (VNA)
PetroVietnam to buy two oil wells overseas
The National Oil and Gas Corporation (PetroVietnam) has taken bidding procedures to buy an oil well in Azerbaijan and if winning the contract, it will start tapping oil this year, PetroVietnam General Director Tran Ngoc Canh has announced.
At a press briefing on Jan. 21, Canh added that his corporation is negotiating with Kazakh, Venezuelan and Irani partners on purchase of the second oil well overseas with the aim of achieving an output of 16 million tonnes of crude oil this year.
Exploration is one of PetroVietnam’s top priorities in 2008 with its special focus being paid to seeking new investment opportunities in overseas oil and gas projects, he said.
PetroVietnam has so far signed 13 overseas exploration and exploitation projects and is targeting to set up a joint venture company in Iran , he added.
PetroVietnam pumped almost 22.7 million tonnes of oil in 2007, 100,000 tonnes of which were tapped in foreign countries. It also exported more than 15.7 million tonnes of oil for 8.8 billion USD.
At a press briefing on Jan. 21, Canh added that his corporation is negotiating with Kazakh, Venezuelan and Irani partners on purchase of the second oil well overseas with the aim of achieving an output of 16 million tonnes of crude oil this year.
Exploration is one of PetroVietnam’s top priorities in 2008 with its special focus being paid to seeking new investment opportunities in overseas oil and gas projects, he said.
PetroVietnam has so far signed 13 overseas exploration and exploitation projects and is targeting to set up a joint venture company in Iran , he added.
PetroVietnam pumped almost 22.7 million tonnes of oil in 2007, 100,000 tonnes of which were tapped in foreign countries. It also exported more than 15.7 million tonnes of oil for 8.8 billion USD.
More oil struck at Black Lion site
Thang Long Joint Operating Co discovered a new oil field at the Block 15-2/01, Hai Su Den (Black Lion) site, some 60km offshore southern Binh Thuan and Ba Ria - Vung Tau provinces.
The volume of the new oil field’s reserve has not yet been reported, according to Thang Long JOC.
Thang Long JOC, established in 2005, was a joint venture between PetroVietnam Exploration Production Corporation (PVEP) owning 40 per cent and Talisman Energy Co of Canada, holding the remaining 60 per cent.
The joint venture’s officials declined to elaborate on the discovery.
Thang Long JOC has drilled three wells at Hai Su Trang (White Merlion) Oil Field with a total output of 7.57 million tonnes of oil.
The volume of the new oil field’s reserve has not yet been reported, according to Thang Long JOC.
Thang Long JOC, established in 2005, was a joint venture between PetroVietnam Exploration Production Corporation (PVEP) owning 40 per cent and Talisman Energy Co of Canada, holding the remaining 60 per cent.
The joint venture’s officials declined to elaborate on the discovery.
Thang Long JOC has drilled three wells at Hai Su Trang (White Merlion) Oil Field with a total output of 7.57 million tonnes of oil.
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