Monday, December 11 2017

VietNamNews

Viet Nam fires up $9b Nghi Son refinery, petrochemical project

Update: October, 24/2013 - 09:21
Prime Minister Nguyen Tan Dung (fourth, left) and delegates announced the groundbreaking ceremony of Nghi Son Refinery and Petrochemical complex in central Thanh Hoa Province yesterday. — VNA/VNS Photo Huy Hung
HA NOI  (VNS) — Construction started yesterday on a US$9 billion Nghi Son refinery and petrochemical complex in the central province of Thanh Hoa, Viet Nam's largest-ever FDI project so far.

Speaking at the event, Prime Minister Nguyen Tan Dung appreciated the efforts made by PetrolVietnam, foreign investors, Nghi Son Refinery and Petrochemical Company and EPC (engineering, procurement and construction) contractors to arrange capital and finish investment procedures to enable the project's inauguration.

Dung said local authorities and relevant sectors effectively undertook site clearance and co-ordination among relevant ministries and sectors.

He thanked the governments of Japan and Kuwait for their active support and expressed gratitude to the Kuwait government for donating $3 million in relief funds to Viet Nam after the recent storm damaged large parts of the central region.

Dung emphasised that the project was only beginning and that there was a lot of work ahead. He told investors and EPC contractors (JGC Corporation and Chiyoda Corporation from Japan, GS Engineering & Construction Corporation and SK Engineering & Construction Co. from South Korea, Technip France and Malaysia's Technip Geoproduction) to do all they could to ensure quality.

He also asked relevant sectors and the province to work together to solve potential problems, assume responsibility for creating jobs and make sure people were moved to adequate resettlement areas.

Authorities in Thanh Hoa Province will have to closely co-operate with the project's investors in vocational training and hiring when the complex opens.

The project is expected to create thousands of jobs during the construction period and more than 1,000 jobs when operational.

Attending the ceremony were former Party General Secretary Le Kha Phieu, former Prime Minister Phan Van Khai, former Chairman of the National Assembly Nguyen Van An, Kuwaiti Deputy Prime Minister and Minister of Oil Mustafa Al-Shamali, leaders of relevant ministries, sectors and local authorities and representatives of foreign organisations and businesses.

The project is a joint venture between PetroVietnam with a 25.1 per cent stake, Kuwait Petroleum International with 35.1 per cent, Japan's Idemitsu Kosan with 35.1 per cent and Mitsui Chemicals with 4.7 per cent.

The 400-hectare project will meet 70 per cent of domestic demand for energy in the future, with an annual capacity of 10 million tonnes of crude oil (200,000 barrels) per day.

The project's first phase was scheduled to be completed by 2017. It will supply 2.3 million tonnes of gasoline, 2.9 million tonnes of diesel, 380,000 tonnes of polypropylene, 900,000 tonnes of aviation turbine fuel and nearly 700,000 tonnes of other liquified petroleum gas (LPG) annually.

Chairman of the Thanh Hoa People's Committee Trinh Van Chien will award an amount less than or equal to VND500 million to organisations and individuals who mobilise investment in the Nghi Son economic zone and other industrial zones in the province.

Thanh Hoa investment

Yesterday, at the forum on "Investment Promotion in Nghi Son Economic Zone and Neighbouring Areas" held in the province yesterday, Deputy PM Nguyen Xuan Phuc urged Thanh Hoa to invest in modern infrastructure to enable sustainable development.

Phuc said the province linked important regions, with access to the north central region, southern Laos and northeastern Thailand.

He added that the province was one of the country's five key economic zones which have enjoyed preferential investment policies.

Thanh Hoa Province ranked sixth in attracting foreign direct investment with 43 projects and a registered capital of $12.3 billion.

The deputy PM said effective planning was key to attracting investment, and that the province should focus on reforming human resource training, technology applications and administrative procedures.

Deputy PM Phuc also said the province should enhance the partnership with its neighbours in the bordering areas of Laos and other ASEAN countries.

The Nghi Son industrial region covers an area of more than 18,600ha, with most factories based around heavy industry, basic industry and the Nghi Son seaport.

The IZ is home to 65 projects worth around $16.8 billion, including the Nghi Son 1 Thermal Power Plant project and the Nghi Son 2 Thermal Power Plant.

The province last year posted GDP growth of more than 10 per cent. — VNS

Send Us Your Comments:

See also: