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Nation licenses $3.8 billion petrol plant
Authorities issued a licence to a joint venture to build the first international-scale petrochemical complex, worth US$3.77 billion, in the southern province of Ba Ria-Vung Tau.
The project will be built in the Long Son oil and gas industrial zone (IZ), according to director of the provincial IZ management board, Le Minh Chau.
The parties in the joint venture include two State-run corporations - Viet Nam National Oil and Gas Group (PetroVietnam), Viet Nam National Chemical Corporation (Vinachem) - and two subsidiaries of Thai Siam Cement Group (SCG) - Vina SCG Chemicals Co Ltd and Thai Plastic and Chemicals Public Co Ltd.
The Thai partners own a 71 per cent stake in the venture with the remainder owned by the Vietnamese firms.
The 400ha Greenfield petrochemical complex will be composed of four main plants.
It will include an international-scale facility producing olefins with an annual designed capacity of 1.65 million tonnes; one producing polyolefins of 1.45 million tonnes; one processing Chlor-Alkali of 280,000 tonnes; and one processing raw materials for Polyvinyl Chloride (PVC) plastics, 330,000 tonnes of EDC and 400,000 tonnes of VCM.
Construction and operation of the complex will be divided into two phases, with the PVC-related plants likely to begin operating in 2012 and the others in 2013.
One more pending project
In a similar move, another State-owned group, Viet Nam National Petroleum Corporation (Petrolimex) plans to pump $4.5 billion to build an oil refinery project in the central coastal Province of Khanh Hoa.
The group's management board chairman Vu Ngoc Hai said that Petrolimex and its partner, the China Petroleum and Chemical Corporation (Sinopec Corp), are planning to survey the project's site to present an initial report to relevant agencies.
Crude oil is scheduled to be imported from either Singapore or the Middle East to feed the oil refinery, which will be capable of processing 10 million tonnes of crude per year. Its total area is expected to be 200ha.
VNS
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