A proposal by the Vietnam Oil and Gas Group (Petrovietnam) to invest in a petrochemical and refinery complex and national oil storage facility with total investment of nearly 19 billion USD in the southern province of Ba Ria-Vung Tau is a good idea.
Vietnam will build another oil refinery, the third of its kind, to ensure a sufficient supply of petroleum products for local consumption, said Deputy Prime Minister Le Van Thanh.
Vietnam has two oil refineries, Dung Quat and Nghi Son. Every year Vietnam imports millions of tons of crude oil while still exporting crude oil. What is the reason?