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New petrochemical project to be launched
Deputy Prime Minister Hoang Trung Hai has agreed in principle to allow the Vietnam National Petroleum Corporation (Petrolimex) to carry out the Nam Van Phong Petrochemical Complex project.
He authorized Petrolimex to make a feasibility study into the project with a focus on the long-term impact on the environment, modern technologies, capital resources, and selection of partners, especially those involved in supplying crude oil.
The southcentral Khanh Hoa provincial People’s Committee and the management board of the Van Phong Economic Zone will have to submit to relevant agencies and the Government an outline of necessary procedures on adjusting the provincial socio-economic development plans as well as plans to use land and seaports to help investors implement the project.
Mr Hai said that Vietnam now has 7 petrochemical projects with a combined capacity of 60-70 million tonnes per year. However, only the Dzung Quat oil refinery is ready to be put into operation. Although energy consumption per capita is low, the supply of petrochemical products still does not meet demand.
Researching and implementing the Nam Van Phong Petrochemical project is necessary but it is not a key national project, Mr Hai said.
The Nam Van Phong Petrochemical Complex will be located in My Giang commune, Ninh Phuoc village, Ninh Hoa district, Khanh Hoa province with a planned capacity of 200,000 barrels per day. The project funded with preliminary investment capital of VND4.4-4.8 billion, is expected to put into operation in late 2013.
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