146-million-USD loan contract inked for Polypropylene project

The Vietnam National Oil and Gas Group (PetroVietnam) and three international banks including BNP Paribas, Calyon and HSBC on October 15 signed a loan contract worth 146 million USD to provide capital for a Polypropylene workshop project.

The project, which has a total investment of 234 million USD, is being launched next to the Dung Quat oil refinery in central Quang Ngai province to utilise propylene gas supply from the refinery.

The workshop will undergo a trial run by February 2010 and the contractor, EPC, will hand it over to PetroVietnam by June 2010.

The Dung Quat oil refinery which is a key national project has an investment of more than three billion USD and a processing capacity of 6.5 million tonnes of crude oil per year.

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