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Thailand touts huge oil refinery

Update: November, 27/2012 - 10:31

 

Technicians check oil pipelines at Dung Quat Oil Refinery in the central coastal province of Quang Ngai. The Petroleum Corporation of Thailand is considering building a giant oil refinery and petrochemical complex, estimated to cost US$28.7 billion, in the central province of Binh Dinh. — VNA/VNS Photo Ha Thai
HA NOI (VNS) — Thailand's biggest oil and gas producer is considering to build a giant oil refinery and petrochemical complex in the central coastal province of Binh Dinh, reports Petrotimes.vn.

The refinery, to be built in the Nhon Hoi Economic Zone, is estimated to cost US$28.7 billion, according to the provincial People's Committee.

The Petroleum Corporation of Thailand (PTT) aims to build a structure with the capacity of producing 660,000 barrels per day. This output will make it one of the world's largest oil refineries.

Last Wednesday, provincial officials met with Sukrit Surabotsopon, PTT Deputy Director General, to hear him present results from a pre-feasibility study on the refinery project, according to the official website of Binh Dinh Province.

Le Huu Loc, chairman of the provincial People's Committee, told local newspaper Thanh Nien (Young People) that the provincial authorities and the investor – PTT were currently seeking permission from the ministries and the Government to build the refinery. He added that the massive project related to two governments (Viet Nam's and Thailand's) so a bilateral agreement was required before construction could start.

Construction would likely begin in 2016 and the refinery would become operational in 2019, according to Dow Jones Newswire.

Loc also added that the PTT had met with a number of companies in Viet Nam to discuss the possibility of co-operation in this project, including the Viet Nam Oil and Gas Group (PetroVietnam), the Petroleum Import-Export Group (Petrolimex) and the Military Petroleum Corporation.

Viet Nam now has only one oil refinery – Dung Quat – with an output of 130,000 barrels per day. This satisfies about a third of domestic demand. Together with Dung Quat refinery, Nghi Son plant in Thanh Hoa Province is expected to meet roughly 50 per cent of Viet Nam's gasoline demands. — VNS

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