The Vietnam Oil and Gas Group will hold the inauguration ceremony of Dung Quat Oil Refinery at 8am on December 24.

This was confirmed on December 14 by Dang Hong Son, Head of the Office of Binh Son Oil Refinery Ltd Company during a working session with Nguyen Hoang Son, Vice Chairman of Quang Ngai provincial People’s Committee.

Dung Quat Oil Refinery Plant has total investment capital of over US$3 billion and its designed capacity is 6.5 million tonnes of crude oil, meeting one third of the country’s oil and gas consumption demand.

Now the Vietnam Oil and Gas Group works with JGC from Japan as its contractor to do research on expanding the plant and increasing its capacity from 6.5 million to 10 million tonnes per year. The enlargement is scheduled to be completed in 2015.

After two years of operation, the plant has received 94 plots with about 7.6 million tonnes of crude oil from Bach Ho mine in Vung Tau, and imported 6 trips of crude oil, including 400,000 tonnes.

By December 2010, it has successfully processed 6.75 million of products, and sold over 6.66 million tonnes of oil and gas. By the end of this year, the plant’s turnover is estimated to reach VND53,800 billion, contributing VND10,430 billion to the State budget. It plans to reach a turnover of VND73,000 billion by 2011.