Ho Chi Minh City, August 14, 2011 – Petrovietnam Fertilizer & Chemicals Corporation – PVFCCo (Stock code: DPM) announced that Phu My Urea Plant has officially reached the production output of 5 million tons after seven years of operation, which helps stabilize fertilizer supply provided for agricultural sector in Viet Nam. A solemn ceremony to honor this magnific achievement is held at the Reunification Palace, Ho Chi Minh City, attended by Mr Vu Huy Hoang – Minister of Ministry of industry & trade (MOIT), Ms Ho Thi Kim Thoa – Vice Minister of MOIT, Mr Bui Ba Bong – Vice Minister of MARD, Mr Phung Dinh Thuc – Deputy Chairman, President & CEO of Petrovietnam, Mr Bui Minh Tien – PVFCCo’s Chairman, Mr Cao Hoai Duong – PVFCCo’s President & CEO and leaders from government, ministries, industries, local as well as other important strategic partners. For the last 7 years, Phu My Urea Plant has been operating at full capacity under strictly safety production conditions and reached the 5th million ton of output at 6 pm, August 6, 2011. This is an extremely meaningful event which demonstrate the solid and stable growth of PVFCCo and Viet Nam agriculture as a whole. On this occasion, PVFCCo and Phu My Urea Plant will be honored Certificates of Merit by the Prime Minister. Since its coming into operation in late 2004, Phu My Urea Plant’s output supplied as much as 50% of total domestic market demand, which brings PVFCCo the market leader position among many fertilizer trading and manufacturing firms in Viet Nam. In the current context of persistent global economy recession, resulting in another serious public debt crisis facing by leading economies, PVFCCo’s accomplishment is very important and praiseworthy. In other word, Viet Nam economy sustains during turbulent time derived from impressive results of Viet Nam agricultural sector, which was partly contributed by such enterprises’ outstanding performance as PVFCCo. “Success in operation-production-trading of Phu My Urea products of PVFCCo during the last few years has played an important foundation for further development prospect in upcoming years in chemical & fertilizer manufacturing and trading industry”, said Mr Cao Hoai Duong, PVFCCo’s CEO & President. Following Petrovietnam’s instructions after successful operation of Phu My Urea Plant, PVFCCo are actively preparing necessary resources to operate Ca Mau Plant and ensure consumption of all products produced. Meanwhile, PVFCCo also focuses on expanding business activities, fertilizer exports and imports, as well as overseas investments with the purpose of becoming a leader in chemical & fertilizer manufacturing and trading industry in the region. In the first half of 2011, PVFCCo earned VND 4,500 billions in revenues and VND 1,500 billions in earnings before tax (EBT). The whole year revenue is forecasted to reach VND 8,000 billions while PBT is expected to reach VND 2,000 billions. The Phu My Urea Plant, a USD 380 million investment one financed mainly by domestic capital sources, is one of the most modern plants of petroleum industry presently. This factory was equipped with licensed ammoniac (NH3) production technology from Danish Haldor Topsoe and urea production technology from Snamprogetti, Italy. These are the most global advanced production technologies. After 9 months of operation, Vietnamese engineers and technicians have taken over the operation tasks from foreign contractors. In September 2010, successful launch of CO2 recover system from gas emission has increased the plant’s capacity from 740.000 tons to 800.000 tons/year, and helped shortening time to reach the production output of 5 million tons. Follow are some pictures of ceremony:
