Petrovietnam's nine-month revenue estimated at $29 billion

The group's budget contribution for the period was VND102,900 billion ($4.26 billion), up 51% year on year, and exceeding 59% of the year's target.

Crude oil extraction reached 8.15 million tons in the period, exceeding the nine-month target by 23% and accounting for 93% of the year's total. Petroleum output, excluding Nghi Son Refinery and Petrochemical, reached 5.16 million tons during the period, an increase of 8% year on year. 

Petrovietnam recommended to the government in August that it explore investing in a $19 billion oil refinery and a national crude oil and petroleum reserve facility in the south.

It stated that the complex would employ indigenous crude oil, gas, and condensate, as well as import extra crude from the United States and the Middle East, depending on need.

Petrovietnam anticipates completing all dossiers required for the complex by January of next year for review by the government, followed by a feasibility assessment in the second half of 2023.

It anticipates receiving official permission in the first quarter of 2024. The complex's construction and selection of EPC contractors would take until the end of 2027.

Phases one and two of the project are expected to cost $12.5 - 13.5 billion and $4.5 - 4.8 billion, respectively, according to the business.

Source: The Investor