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VietNamNews

PTT to build $22b refinery

Update: September, 12/2014 - 08:47

PTT group is moving forward with its plan to invest US$22 billion in a petrochemical refinery complex in Viet Nam.— Source photo vietpress.vn

BANGKOK (VNS) — PTT group is moving forward with its plan to invest US$22 billion in a petrochemical refinery complex in Viet Nam.

The company said in a statement that a delegation led by group chairman Piyasvasti Amranand and president Pailin Chuchuttaworn on September 8 arrived in the country to submit its feasibility study on the project to the Vietnamese government. During the trip, they also met Prime Minister Nguyen Tan Dung.

The study was originally expected to be submitted in April.

PTT won the government's permission for the study in May 2013. Since August, it has carried out surveys and assessments on geology, seaports, logistics and transport systems, and potential environmental impacts.

The feasibility study includes commercial, technical, financial, social and environmental impact details, as well as strategies and partner selection. The project was initially expected to require a total investment of $28 billion, to be located on 2,000 hectares of land and to operate with the capacity of 660,000 barrels of crude oil per day.

The feasibility study lowered the investment sum to $22 billion, and refining capacity to 400,000bpd. At that capacity, it would produce 260,000bpd of refined petroleum products and 5 million tonnes of petrochemical products annually. The plant will be located in the Nhon Hoi Economic Zone in Binh Dinh province, designed to be Viet Nam's first petrochemical refinery complex. — The Nation/ VNS

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