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If Petrovietnam's petrochemical and fertilizer refineries stop operating in just a few weeks, will Vietnam face the risk of widespread fuel and agricultural material shortages?
Oil and gas processing is one of the most important strategic pillars of Petrovietnam, helping to complete the value chain from exploration, exploitation, transportation to the production of essential products to serve the economy.
Not only does it create petroleum, the oil and gas processing sector also provides fertilizers, chemicals, plastic beads, fibers and many input materials for Vietnam's key industries.
Over the past many years, this field has always contributed from 19% to 26% of Petrovietnam's total revenue, becoming one of the largest sources of value creation for the group.
THE ROLE OF OIL AND GAS PROCESSING IN THE ECONOMY
From a country heavily dependent on fuel imports, Vietnam has gradually built a modern petrochemical refining ecosystem with large-scale industrial centers.
Two key petrochemical refineries are Dung Quatand Nghi Son currently meets about 80% to 85% of domestic petroleum demand.
In the fertilizer sector, Phu My Fertilizer and Ca Mau Fertilizer plants are meeting about 70% to 75% of domestic market demand.
Contribution table of oil and gas processing sectors
Category Rate of meeting domestic demand
Petroleum from Dung Quat and Nghi Son 80% - 85%
Fertilizer from Phu My Fertilizer and Ca Mau Fertilizer 70% - 75%
Petrovietnam revenue contribution 19% - 26%
These numbers show that oil and gas processing is not only a simple production activity but also the foundation for ensuring national energy security and food security.
DUNG QUAT AND NGHI SON HOLD THE KEY ROLES
Dung Quat Oil Refinery is considered a symbol of Vietnam's refining and petrochemical industry, helping the country produce its own petroleum on an industrial scale for the first time.
Meanwhile, the larger scale Nghi Son Refinery and Petrochemical Plant continues to expand its fuel supply capacity for the economy.
Strategic capacity table
Factory Role
Dung Quat Vietnam's first oil refinery
Nghi Son Large-scale petrochemical refining center in the North Central region
Phu My Fertilizer The main fertilizer supply source in the South
Ca Mau Fertilizer Key fertilizer production center in the Mekong Delta
Coordination ofThese plants help significantly reduce import pressure and limit the impact of international energy price fluctuations.
TOWARD DEEP PROCESSING AND EXPORT
Instead of just producing basic fuel, Petrovietnam is promoting a deep processing strategy to increase added value.
The goal is to develop high quality petrochemical products to serve the plastics, synthetic fiber, technical chemicals and many modern technology industries.
Compare the value created
Economic Value Model
Crude oil sales Low
Refining oil into fuel Medium
Intensive petrochemical processing High
Production of high quality industrial chemicals Very high
This is a trend being pursued by many major energy countries such as Saudi Arabia, China and South Korea to maximize value from oil and gas resources.
DRIVERS FOR INDUSTRIAL GROWTH
Oil and gas processing complexes not only create product supply but also lead to the development of thousands of supporting businesses in the fields of transportation, mechanics, chemicals, logistics and technical services.
Many large industrial parks in Quang Ngai, Thanh Hoa, Ba Ria - Vung Tau and Ca Mau have formed industrial ecosystems surrounding oil and gas projects.
This creates tens of thousands of jobsDirectly and indirectly, contributing greatly to local budgets as well as national economic growth.
PROSPECTS FOR THE NEW PHASE
In the context of energy demand continuing to increase and the strong trend of shifting global supply chains, Petrovietnam's oil and gas processing sector is expected to continue to expand its central role in the economy.
From petrochemical refining and fertilizer production to industrial chemicals and new materials, Petrovietnam is gradually building a complete energy industry ecosystem, helping Vietnam improve its self-reliance and increase competitiveness in the regional market.
A field that contributes more than a quarter of the group's revenue, providing up to 85% of fuel and 75% of fertilizer for the whole country. In your opinion, which is Petrovietnam's most valuable strategic asset in the future, oil and gas or the deep processing industry?
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