Dung Quoc refinery temporarily closes for maintenance
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As of today, the Dung Quoc Oil Refinery in the central province of Quang Ngai will be temporarily shut down for maintenance and repairs of problems that have appeared since June 2010.
“The closure is expected to last three to four weeks,” said Nguyen Hoai Giang, CEO of the Binh Son Refining and Petrochemical Co, operator of the US$2.2-billion refinery.
The 6.5-million-tonne-per-year refinery had its preliminary acceptance in June 2010, and is set for final acceptance this July, added Giang.
“After that, Binh Son Co will officially take over the refinery.”
In June 2011, it underwent the first overall maintenance, and resumed operations two months later.
In related news, local fuel wholesalers have recently continued to enjoy high profits as global fuel prices are still on a downward trend.
The WTI crude oil for June delivery in the US dropped to around $94 a barrel during Tuesday’s session, down from the $94.8 a barrel on Monday’s closing.
Import prices of fuel commodities continued the slump initiated early this month, according to Petrolimex, Vietnam’s largest fuel wholesaler.
A92 gasoline settled at $119.02 a barrel on Tuesday session, down by $10 a barrel compared to the rate of late April and early May. Meanwhile, prices of diesel oil and kerosene also slumped to $123-125 a barrel.
With these import prices, the average cost for import within 30 days of A92 petroleum is currently VND500-600 a liter lower than the retail price, which is VND23,300 a liter.
Wholesalers can reap a huge profit of VND1,300 a liter if they have imported fuel within the last week, insiders said.