December 28, 2011 (Vietnamica) — Two cargoes of February-loading Vietnamese crude Te Giac Trang, a new stream that came online in August, traded at a record high premium buoyed by robust demand for low sulfur crudes on improving refining margins.
EVN: Average Salary Is US$650-700 Per MonthDecember 19, 2011 (Vietnamica) — The State Audit Office of Vietnam has released that average monthly salary of EVN’s staff member is US$650-700 (VND13.7 million) (VnExpress, Dec 19). Mr. Pham Le Thanh – CEO of Electricity of Vietnam (EVN) – disclosed that the state-run, monopoly supplier of electricity is going bankrupt unless the government allows the supplier to increase electricity prices faster (Vietnamnet, Nov. 20). He is also sorry for EVN’s staff members whose monthly average salary is VND7.3 million (US$348 per month). “EVN’s staff members cannot survive in Hanoi with such level of income,” he told VnEconomy.
December 19, 2011 (Vietnamica) — The Vietnam’s Ministry of Trade and Industry has allowed the monopoly electricity supplier EVN to increase power prices by 5 percent on Dec. 20. Power prices were increased by 15.28% on Mar 1.
Petrovietnam: Vietnam’s Secondary Refinery Costs up to US$10 BlnDecember 16, 2011 (Vietnamica) – The state-run Vietnam Oil and Gas Group (Petrovietnam, PVN) unveiled that the Vietnam’s second refinery may cost US$8-10 billion, higher than an earlier estimation of US$7 billion. The refinery will have a capacity of 200,000 barrels in a day (Market Watch, Dec 15).
CNOOC Starts Drilling; Cambodia Expects First Drop of Oil by End of 2012December 15, 2011 (Vietnamica) — China National Offshore Oil Corp (CNOOC) has begun drilling in Block F, nearly 40km south of Sihanoukville in southern Cambodia. According to the Cambodia’s National Petroleum Authority, the block covers more than 7,000sqkm, with the first drilling project expected to cost US$20 million (Jakata Post, Dec 15).
December 14, 2011 (Vietnamica) – It is reported that in 2010, more than half of Vietnam’s electricity was sourced from thermal power plants with 18.5 percent fired by coal and 36.6 percent by burning oil and gas. In 2000, about 150.9 million tons of CO2 were discharged into the environment in Vietnam, with the agricultural sector being the leading contributor (65 million tons – 43 percent), followed by the energy sector (52.7 million tons – 35 percent). Nine years later, CO2 emissions from burning fossil fuels saw a 113-percent increase, 54 percent of which was from coal fired plants....
