produced by the Dung Quat Oil Refinery would be to minimise petrol
imports, PetroVietnam general director Pham Dinh Thuc said on Oct. 7.
Domestic petrol consumption has ended up 10 percent lower than
predictions for this year, while production at the Dung Quat Oil
Refinery was now exceeding the year's plan by 25 percent, Thuc said.
In the fourth quarter of this year, the refinery was expected to
produce about 1.9 million tonnes of petrol, while domestic petrol
distributors such as PVOil, Petec and Petrolimex have registered to buy
only 430,000 tonnes from the refinery.
As a result, stockpiles have reached 75,000 tonnes and are predicted to mount to 727,000 tonnes by the end of the year.
Domestic importers could revise their signed contracts to import fuel
and buy up the difference from Dung Quat, Thuc suggested.
However, Petrolimex deputy director Dam Thi Huyen said PetroVietnam
should anticipate petrol consumption needs in light of import contracts
already signed by domestic distributors, who would have to pay heavy
damages if the breached the agreements.
Thuc suggested these importers might be able to re-export products to other buyers, even if they can't break their contracts.
The Dung Quat Oil Refinery faced difficulties during its first period
of operation, and it had been expected to operate at only 80 percent of
initial capacity this year. PetroVietnam has urged importers to prepare
to receive locally-produced petrol in the near future./.
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