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GT NEWS | Center of Technology infomation for brighter future.

Fly in Vietnam with Both Wings of Resource Development and Export Contents
title Fly in Vietnam with Both Wings of Resource Development and Export
attachment date 2010-11-08 count 14016
Fly in Vietnam with Both Wings of Resource Development and Export

- SK Energy to name Vietnam as outpost for resource development, including petroleum development in three oil wells
- Surge in exports of light sweet crude oil, asphalt and other oil products to Vietnam
- Best practice re-exportation of world best petrochemical production technology to oil producing country

For SK Energy, a leading energy company which is now close to achieve KRW 20 trillion in exports for the third consecutive year and an accumulated export of KRW 100 trillion for five years by the year end -- first time since Samsung Electronics’ record, Vietnam is among the “big 5” out of around 30 importing countries worldwide.

The company started business in Vietnam on a full scale in 1994 when it submitted a bid for exploration of No. 15-1 Mine Lot. In the Noughties, when Vietnam emerged as a major player, the company aggressively explored the market, establishing its office in Hanoi in 2007.

Vietnam is now perceived as one of the no. 1 strategic investment destinations by other large domestic and abroad companies including SK Energy. Vietnam has attracted foreign investors, including Qatar Petroleum International, Qatar’s state-owned oil company, and Formosa of Taiwan, for construction of a petrochemical plant and a steel mill.

Vietnam has recorded stable economic growth -- average 6.8% from 2004 to 2008 and around 5% amid the global economic downturn -- offering promising investment opportunities.

Director Kang Byung-Ryul of SK Energy Hanoi Office explained, “SK Energy has been committed to exploring the Vietnamese market through resource development and exportation of oil products and technology based on strong ties and trust, and we now see fruits of our efforts.”

하단 텍스트 참조

[An SK Energy engineer is sharing oil refinery operation know-how and technology to BSR employees in Vietnam.]



Among SK Energy’s resource development markets, Vietnam is a strategic market that has offered good results in both quantitative and qualitative terms. SK Energy has been participating in exploration of three mine lots in Vietnam, the second largest number following Peru among the 16 countries operating mining business there. It successfully explored oil in No. 15-1/05 Mine Lot in October this year after its successful initial probe in November last year. If the company commercializes a mine lot in the ongoing project, it would mark the company’s second production mine after No. 15-1 mine. The exploration is also in full swing at No. 123 Mine since May 2007.

SK Energy’s export of oil products to Vietnam is fast on the rise, too. According to Korea National Oil Corp., the company’s export of oil products to Vietnam increases to 8,190,000 barrels in 2009, which means 2,090,000 barrels more than a year earlier and almost double the volume in 2007 (i.e. 4,810,000 barrels). This is because the oil producing country experienced a sudden increase in demand due to the lack of refinery facilities and economic growth spurt. SK Energy has been leading exports of asphalt used for road pavements as well as high value added light crude oil, such as gasoline and gas oil. SK Energy has exported asphalt to Vietnam to pave 2-lane roads covering long distance equivalent to Seoul and Busan. The company’s forecast is that Vietnam will be more prominent export market thanks to its strong economic development drive.

In addition, based on ties and trust with the Vietnamese Government, SK Energy successfully exported process operation technology to Vietnam in September last year. SK Energy entered into a plant operation and maintenance agreement with BSR, Vietnam’s first oil refinery located at Quang Ngai Province in central Vietnam, and sent about 100 energy experts to the plant. Thanks to successful operation of the oil refinery for the past year, SK Energy won another contract for operation and maintenance of a chemical plant in last July and sent additional staff.

Behind these achievements in resource development and export of oil products and technology is solid cooperation with Petrovietnam, Vietnam’s state-owned oil company which accounts for 17% of the nation’s GDP.

Last month, a meaningful event took place where SK Energy presented a library to Bin Ngai Elementary School in Bihn Son, a region where BSR is located. President & CEO Koo and SK Energy officials and employees flew to Bihn Son to join BSR officials and employees as well as residents in the region for repair and renovation of the library and other facilities at the school.

“Based on the trust built with the Vietnamese Government, the state-owned oil companies and the Vietnamese people, we will further strengthen the ties in a wide range of energy business areas from resource development to product export,” an official at SK Energy said.


하단 텍스트 참조

[An SK Energy engineer is sharing oil refinery operation know-how and technology to BSR employees in Vietnam.]

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