Vietnam's first refinery officially inaugurated

TN News

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Vietnam officially opened Dung Quat oil refinery on Thursday, nearly two years after the plant first started its commercial operation in Quang Ngai Province.

The inauguration ceremony for the country's only refinery was earlier scheduled for December 24 but delayed due to unknown reasons.

Speaking at the inauguration, Prime Minister Nguyen Tan Dung said the refinery will help ensure energy security and reduce imports of oil products.

Previously, Vietnam had to import all oil products.

Dung Quat, which started running in February 2009, posted revenues of VND60 trillion (US$3.07 billion) in 2010. The plant is targeting profits of VND550 billion ($28.2 million) this year on a revenue of VND77 trillion.

Vietnam plans to expand and upgrade the refinery by 2016.

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