The Pacific Development Group based in the United States wants to build an oil refinery capable of annually processing 10 million tons of crude oil in Vietnam's southern Ca Mau province.

The group will sign a memorandum of understanding with Ca Mau next month for developing the project, the newspaper quoted Le Huynh Ky, director of the provincial Planning and Investment Department, as saying.

He said the group had yet to reveal the total investment for the future oil refinery, but said it could be the sole investor. Raw materials for the refinery would come from other countries.

Despite being Southeast Asia's third largest crude oil exporter, Viet Nam still relies entirely on petroleum product imports as it lacks its own refineries.

Dung Quat, Vietnam's first refinery with an annual processing capacity of 6.5 million tons of crude oil under construction with investment of 2.5 billion U.S. dollars in central Quang Ngai province, is scheduled to operate in February 2009. Its sole investor is state-owned VietNam National Oil and Gas Group (PetroVietnam).

Construction of the second oil refinery named Nghi Son in northern Thanh Hoa province with initial investment of 6.2 billion dollars started in May. It will have refinery capacity of 10 million tons of crude oil per annum once put into operation in 2013.

The Nghi Son project is a joint venture between PetroVietnam, Kuwait Petroleum International and Japanese companies of Idemitsu Kosan Corp and Mitsui Chemicals Inc.

The Vietnamese government has given permission for the third refinery, with the first choice of location to be in southern Ba Ria Vung Tau province, built either solely or jointly by foreign investors, or by local companies.

The refinery, set to be operational before 2015, will be designed to process 10-15 million tons of crude oil annually.

Viet Nam exported 7.8 million tons of crude oil worth 6.8 billion dollars in the first seven months of this year, down 12.1 percent in volume, but up 52.2% in value against the same period last year, according to the country's General Statistics Office.

Meanwhile, it imported roughly 8.3 million tons of petroleum products totaling nearly 7.8 billion dollars, up 11.4% and 90.7%, respectively.

Via:xinhuanet

The Pacific Development Group based in the United States wants to build an oil refinery capable of annually processing 10 million tons of crude oil in Vietnam's southern Ca Mau province.

The group will sign a memorandum of understanding with Ca Mau next month for developing the project, the newspaper quoted Le Huynh Ky, director of the provincial Planning and Investment Department, as saying.

He said the group had yet to reveal the total investment for the future oil refinery, but said it could be the sole investor. Raw materials for the refinery would come from other countries.

Despite being Southeast Asia's third largest crude oil exporter, Viet Nam still relies entirely on petroleum product imports as it lacks its own refineries.

Dung Quat, Vietnam's first refinery with an annual processing capacity of 6.5 million tons of crude oil under construction with investment of 2.5 billion U.S. dollars in central Quang Ngai province, is scheduled to operate in February 2009. Its sole investor is state-owned VietNam National Oil and Gas Group (PetroVietnam).

Construction of the second oil refinery named Nghi Son in northern Thanh Hoa province with initial investment of 6.2 billion dollars started in May. It will have refinery capacity of 10 million tons of crude oil per annum once put into operation in 2013.

The Nghi Son project is a joint venture between PetroVietnam, Kuwait Petroleum International and Japanese companies of Idemitsu Kosan Corp and Mitsui Chemicals Inc.

The Vietnamese government has given permission for the third refinery, with the first choice of location to be in southern Ba Ria Vung Tau province, built either solely or jointly by foreign investors, or by local companies.

The refinery, set to be operational before 2015, will be designed to process 10-15 million tons of crude oil annually.

Viet Nam exported 7.8 million tons of crude oil worth 6.8 billion dollars in the first seven months of this year, down 12.1 percent in volume, but up 52.2% in value against the same period last year, according to the country's General Statistics Office.

Meanwhile, it imported roughly 8.3 million tons of petroleum products totaling nearly 7.8 billion dollars, up 11.4% and 90.7%, respectively.

Via:xinhuanet

Japan's Sanyo Electric Co. said Friday its subsidiary in Viet Nam will build a new plant and hire up to 12,000 workers as it steps up production of optical pickups for DVD recorders and other devices.

Construction of the factory in Bac Giang Province will begin in September, with operations expected to start in April next year, a company statement said.

"We expect the total investment in the new firm to be around 95 million US dollars," said a spokeswoman for Sanyo, which already produces optical pickups in Japan, China and Indonesia.

The new firm operating the plant will have capital of 10 million dollars, Sanyo said, adding that sales are expected to reach 300 million dollars for 2012.

"With the growth of the developing markets such as China and with the widespread use of next generation DVDs, Sanyo will gear up to expand share in the ever-growing optical pickup business," it said.

The new firm will be wholly controlled by Shenzhen Sanyo Huaqiang Optical Technology Co. of China, which is 60% owned by Sanyo, with the remaining 40% held by its Chinese partner.

Sanyo has slashed thousands of jobs and sold non-core operations as part of a massive overhaul in recent years, while increasing its focus on rechargeable batteries and environment-friendly technology.

The restructuring appears to be paying off, with Sanyo reporting in May its first annual net profit in four years.

Via: AFP

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Singapore's Technics Oil and Gas has won a S$56 million contract from joint venture Vietsovpetro in Viet Nam. It is the single-largest contract that the group has ever secured.

Its wholly-owned subsidiary Technics Offshore Engineering was awarded the contract to supply three satellite platforms for a new oilfield.

The deal involves engineering, project management, supervision of installation and hook up, as well as commissioning of topside modules for satellite wellhead offshore platforms, among other services.

The contract also provides for a full package of equipment and systems requirements, such as oil and gas processing equipment, power generation and accommodation modules.

The satellite wellhead platforms will be installed in the "Dragon" oil field located 120 kilometres offshore Vietnam, at a water depth of 45 metres.

The three platforms are expected to produce up to a total of 135,000 barrels of crude oil per day.

Project planning will commence in September, with completion targeted for June or July 2009.

The project is expected to generate total revenue amounting to S$56 million over a period of 11 months.

Via:Channel NewsAsia

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