Energy-hungry Vietnam started building its second oil refinery yesterday, a US$6.2 billion complex, in a bid to feed the nation’s booming economy, the State Oil company announced.
Vietnam Oil and Gas Corporation (Petrovietnam), the oil monopoly in the communist nation, set up a joint-venture with its counterparts from Japan and Kuwait to build Nghi Son refinery in the north of the country.
Vietnamese Prime Minister Nguyen Tan Dung hailed the project at the groundbreaking ceremony, saying it was the country’s most important and biggest power scheme, attracting capital investment of US$6.2 billion.
PHOTO: AFP
Petrovietnam said the refinery, with a targeted capacity of up to 10 million tonnes a year, is located in Thanh Hoa Province, about 200km south of the capital Hanoi.
Petrovietnam will hold a 25.1 percent stake, Japan’s Idemitsu Kosan Co (IKC) and Kuwait Petroleum International KPI) will each hold a 35.1 percent share, and Mitsui Chemicals Inc (MCI), also of Japan, will have the remaining 4.7 percent.
The Nghi Son refinery, to be operational by 2013, will turn Kuwaiti oil into petrol, liquefied petroleum gas, diesel, kerosene and jet fuel for Vietnam, which has offshore oil reserves but currently imports petroleum products.
Dung said last month the facility would create about 10,000 jobs and the state media said around 1,000 local families will be relocated from more than 500 hectares of Gia Tinh district.
Dung Quat, the country’s first refinery costing around US$2.5 billion, is now being built after lengthy delays in central Vietnam and is expected to produce 6.5 million tonnes a year from next year — equivalent to a third of the country’s needs.
“By 2013, this project combined with Dung Quat refinery would ensure 65 percent of Vietnam oil and gas demand. It will contribute to ensure the nation’s energy security,” Nguyen said.
Petrovietnam is now preparing for its third refinery project in the Long Son district of southern Ba Ria-Vung Tau Province.
Vietnam’s economy grew annually at 8.5 percent last year, and its energy needs for industry, households and transport are rising annually at about twice that rate.
Last year, Vietnam spent US$8 billion to import 12.55 million tonnes of refined oil.
STIMULUS PLANS: An official said that China would increase funding from special treasury bonds and expand another program focused on key strategic sectors China is to sharply increase funding from ultra-long treasury bonds this year to spur business investment and consumer-boosting initiatives, a state planner official told a news conference yesterday, as Beijing cranks up fiscal stimulus to revitalize its faltering economy. Special treasury bonds would be used to fund large-scale equipment upgrades and consumer goods trade-ins, said Yuan Da (袁達), deputy secretary-general of the Chinese National Development and Reform Commission. “The size of ultra-long special government bond funds will be sharply increased this year to intensify and expand the implementation of the two new initiatives,” Yuan said. Under the program launched last year, consumers can
Citigroup Inc and Bank of America Corp said they are leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month. In a statement, Citigroup said while it remains committed to achieving net zero emissions, it is exiting the Net-Zero Banking Alliance (NZBA). Bank of America said separately on Tuesday that it is also leaving NZBA, adding that it would continue to work with clients on reducing greenhouse gas emissions. The banks’ departure from NZBA follows Goldman Sachs Group Inc and Wells Fargo & Co. The largest US financial institutions are under increasing pressure
TRENDS: The bitcoin rally sparked by US president-elect Donald Trump’s victory has slowed down, partly due to outflows from exchange-traded funds for the token Gold is heading for one of its biggest annual gains this century, with a 27 percent advance that has been fueled by US monetary easing, sustained geopolitical risks and a wave of purchases by central banks. While bullion has ticked lower since US president-elect Donald Trump’s sweeping victory in last month’s election, its gains this year still outstrip most other commodities. Base metals have had a mixed year, while iron ore has tumbled, and lithium’s woes have deepened. The varied performances highlight the absence of a single, over-riding driver that has steered the complex’s fortunes, while also putting the spotlight
Twenty years after he was a young, struggling actor in Toronto, Thomas Lo (盧瑞麟) is now the one giving young Asian actors their big breaks. He just had to go to Hong Kong to do it. The Chinese Canadian has been the creative director of one of the territory’s biggest TV broadcasting companies for only a few years, but is already making original English-language content to reach viewers around the world. “It was a bit of a full-circle moment for me,” Lo said. “You see more Asians, but you’re still seeing the same Asians on screen, right? We’re looking for more opportunities
RSS