Dec. 2 - Vietnam’s first oil refinery, the Dung Quat Oil Refinery located in central Quang Ngai Province, received a shipment of 80,000 tons of crude oil for its initial test run.

The crude oil shipment came from the Petrol Vietnam Oil Corporation, one of the Petrol Vietnam Group's subsidiaries and also a buyer for goods processed at the refinery.

The PetroVietnam Oil Corporation (PV Oil) supplied the oil from Bach Ho oil field off the coast of Vietnam, reports Thanh Nien News.

Nov. 6 - Vietnam's capital of Hanoi is scheduled to host the 10th Gas Information Exchange Conference and Exhibition (GASEX 2008) from Nov. 12 to 15.

The gas industry event will feature the latest equipment, products and services offered by regional companies.

The GASEX Conference and Exhibition is the only forum that focuses on the natural gas industry in the Western Pacific region. It has been held since 1990 to develop the region’s gas industry by providing a venue for discussing current business and technical challenges.

Sept. 9 - The Vietnam National Oil and Gas Group (PetroVietnam) has submitted a proposal to allow foreign companies to buy stakes in the country’s first oil refinery.

In a press conference, PetroVietnam Chairman Dinh La Thang said that Royal Dutch Shell, India’s Essar oil, and Russian oil firms Zarubezhneft and Rosneft have expressed interest in purchasing stakes in the ongoing construction of the Dung Quat refinery located in the central province of Quang Ngai.

"Prime Minister Nguyen Tan Dung has agreed in principle on the sale proposal and is allowing us to proceed," said Dinh La Thang.

Aug. 28 - Vietnam decreased fuel prices for the second time in a row this month. Gasoline prices will be cut from VND18,000 to VND17,000 a liter while kerosene from VND19,000 to VND18,000.

On August 14, the government cut the price of 92-RON gasoline by VND1,000 a liter in response to dropping world crude prices. Compared to a record US$147.27 a barrel last July 11, crude oil futures have dropped by 21 percent.

Aug. 15 - Vietnam has reduced the price of gas by up to 5.3 percent beginning today. The new prices reflect the drop in world oil prices of more than 20 percent from July.

"The government has ordered us to reduce prices following world price declines," a Petrolimex official told Thanh Nien News.

May 12 - State-owned, PetroVietnam announced efforts to control rising fuel and fertilizer costs by increasing domestic natural gas production and finding cheaper import alternatives.

In a press conference, the company vowed to cut waste and concentrate in its core business, saving an estimated VND550 billion (US$34.4 million).

"PetroVietnam will still inject capital into key projects for ports, warehouses and shipping fleets, but it will cease putting capital into real estate construction projects and other less-effective projects," management board member, Phan Thi Hoa, told VNS.

He said the company would review all projects and direct capital only to highly-prioritized projects.

April 17 - The country’s first Dung Quat Oil Refinery is scheduled to operational by February 2009 according to a senior official from Viet Nam Oil and Gas Corp (PetroVietnam). The refinery will also produce petro-chemical products including fuels and liquidified gas.

Made at a cost of US$2.5 billion, the refinery will deliver 6.5 million tons of products annually by the end of the second quarter. This will answer 50 percent of domestic fuel demand.