oil price fall
Update news oil price fall
Though domestic petroleum depots are full, the Vietnam Energy Association (VEA)
wants to buy oil to store.
The Vietnam National Oil and Gas Group (PVN) earned VND253 trillion (US$11.3 billion) in revenue and paid VND50.7 trillion to the State budget in the first seven months of this year.
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.
As the crude oil price keeps falling, state budget revenue has decreased. However, despite the bad news, Vietnam still has to continue exploiting oil and consider opening the Red River coal basin.
After asking for the government’s help to ensure sales for oil refineries, the national oil & gas group PetroVietnam has once again sought the government’s support for the sale of Polyester Dinh Vu’s (PV Tex) products.
VietNamNet Bridge - The ‘oil worry’ has spread to financial circles, mostly commercial banks which have provided funds to PetroVietnam’s projects.