Update news nghi Son
The Vietnamese steel industry is expected to face difficulties this year due to an increase in production capacity, falling demand and protectionist measures by countries to reduce imports, according to experts.
VietNamNet Bridge - The trend of investing in oil refinery projects that began 10 years ago has met a dead end.
Foreign petrol distributors have set foot in the Vietnamese market, but they will have to confront Petrolimex, the giant which holds 50 percent of market share, and other rivals.
VietNamNet Bridge - Analysts believe the petroleum distribution market will see a breakthrough after the conclusion of IPOs for PV Oil and Binh Son Refinery (BSR).
VietNamNet Bridge - No longer solely dependent on imports, Vietnam now can make petroleum products to satisfy domestic demand at its local oil refineries.
Though Idemitsu Kosan has impressed Vietnamese with high-quality, friendly service, it will still meet difficulties to cement its position in the Vietnamese market, experts say.
VietNamNet Bridge - Formerly a country that exported crude oil at low prices, Vietnam now produces petroleum products which can satisfy half of domestic demand.
The Nghi Son Refinery & Petrochemicals Complex with capacity of 10 million tons per annum will open in 2018, changing the supply-demand situation of Vietnam’s petroleum market.
VietNamNet Bridge - The national oil & gas group PetroVietnam may have to spend more than $2 billion, or VND40 trillion, to cover losses from the Nghi Son petrochemistry and refinery complex.
VietNamNet Bridge - With Idemitsu and its partner KPI planning to distribute petroleum products from Nghi Son Oil Refinery, a way out for Nghi Son has been found.
VietNamNet Bridge – Vietnam has been gradually proceeding towards a petrochemical industry comprising of all phases of a production line.
The Chairman of Vietnam Oil and Gas Group (PetroVietnam) said the foreign partners had settle $5 billion for the Nghi Son oil refinery project but the construction will be kicked of in September, instead of July.
Ninety percent of the source of income of the Quang Ngai province comes from the Dung Quat Economic Zone which is comprised of an oil refinery. This explains why many other localities in the central region dream of having such refineries.