Thai Oil Plc (TOP), Thailand’s the largest oil refining company by capacity, is looking forward to pouring its investment in Vietnam, Indonesia and India, in the fields of oil refinery, lube oil and high-value petrochemical products.

The Dung Quat Refinery accounted for over 30 per cent of Viet Nam's petrol demand since the beginning of the year.

VietNamNet Bridge - Because of limited financial capability, state-owned enterprises (SOEs) have decided to quit multi-billion dollar oil refinery projects. 

VietNamNet Bridge - Formerly a country that exported crude oil at low prices, Vietnam now produces petroleum products which can satisfy half of domestic demand.

Siam Cement Group (SCG) has signed a Memorandum of Understanding (MoUs) with PetroVietnam, aiming to reinforce the development of Long Son petrochemical complex (LSP) in the southern province of Ba Ria-Vung Tau.

VietNamNet Bridge - A loss of VND10 trillion (over $445 million) in tax revenue from petroleum imports occurred in the first 11 months of the year, according to a report released by GDC.

Shortly after the $22 billion petrochemistry & oil refinery project in Binh Dinh province was withdrawn by local authorities because of delay, another project in Can Tho has been stopped for the same reason.

The Thanh Hoa provincial authorities on November 1 decided to allow the Nghi Son Petrochemistry Company to discharge its wastewater into water sources in the Nghi Son Economic Zone.

Offering tax incentives is a method Vietnam uses to attract investors to oil refinery projects. With the incentives, investors can get benefits of billions of dollars. However, the incentives are the cause of many unsettled problems.

MONRE says that Formosa is about to begin operating six out of 23 chimneys on a trial basis. Experts have warned that the spread of toxic gas will cause serious pollution if the emissions are not strictly supervised.

The Ministry of Industry and Trade wants petroleum products from the Dung Quất Oil Refinery consumed domestically and not exported.

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 - The continued sharp fall in the oil price has caused investors to hesitate starting the oil refinery projects they promised. Sources said some investors may give up the projects.

VietNamNet Bridge - Vietnam has vowed to develop its petrochemistry industry and has spent a great deal of money on doing so.

VietNamNet Bridge - Vietnam has vowed to develop its petrochemistry industry and has spent a great deal of money on doing so.

VietNamNet Bridge - Key petrochemical projects have been proceeding at a snail’s space, which will affect Vietnam’s petrochemistry industry development plan.

VietNamNet Bridge - The Ministry of Finance (MOF) has agreed to cut the petroleum import tariff by 10-15 percent. However, the Dung Quat Oil Refinery still insists on tax cuts on some other products.

Most of the planned petrochemistry and oil refinery projects have not been implemented as initially scheduled, but experts still think the projects deserve investment.

VietNamNet Bridge - Local authorities have asked for state financial support of $1 billion for oil refinery projects, but the amount of money goes far beyond the state budget capability.