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PetroVietnam Fertiliser inks two-year deal with Japan
PetroVietnam Fertiliser and Chemicals Company (PVFCCo), Japanese-based Sojitz Corporation and Japan Viet Nam Fertiliser Company (JVF) signed a two-year memorandum on fertiliser supplies on Mar. 29.
JVF will offer PVFCCo from 30,000 to 40,000 tonnes of high-quality NPK fertilisers per year under the agreement, with PVFCCo also providing Sojitz Corporation with roughly 200,000 to 300,000 tonnes of urea per year that will be exported to Thailand, the Philippines and other regional countries after domestic demands for fertiliser is ensured.
PVFCCo and JVF also intend to sign contracts on technical support. Accordingly, JVF will help PVFCCo operate and service a NPK fertiliser plant currently being built by PVFCCo. According to JVF, the company is close to securing investment in the plant from one of the leading Japanese NPK fertiliser companies, Central Glass Limited. The NPK fertiliser plant is planned to be fully operational in 2014. Both sides also agreed to set up a group to boost co-operation activities.
PVFCCo currently has a number of sizeable investment projects. The company is deploying a US$63 million NPK fertiliser plant project with a production capacity of 400,000 tonnes per year. The project is expected to be completed in the third quarter of this year. PVFCCo' s Dam Phu My Plant is scheduled to come into operation in June with an annual capacity of 800,000 tonnes of urea.
In addition, PVFCCo and Petro Viet Nam Ca Mau Fertilizer Company (PVCFC) on Tuesday signed an agreement on development of markets for granular urea sales.
Under the agreement, PVCFC will hire PVFCCo to conduct market development for granular urea sales from April until products from the Ca Mau Fertiliser Plant are launched into the market.
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