Sate-owned oil monopoly PetroVietnam and relevant ministries and agencies July 8 gathered in Vung Tau city to discuss measures speeding up preparations for US$10 billion Long Son oil refining-petrochemical project in southern Ba Ria &ndash Vung Tau province, state media reported, citing PetroVietnam sources.
The Vietnamese government has approved in principle the project that will cover a total 1,320 hectares, PetroVietnam said.
The project comprises an oil refinery costing at least US$6 billion and a petrochemical complex valued at around US$3.78 billion to be abjection to the refinery, PetroVietnam attributed.
PetroVietnam, Vietnam National Chemical Corp (Vinachem), and two Thai firms SCG Chemical and Thailand Plastic Company-TPC are set to carry out the project with hoped completion in 2013.
Once implemented, the project will push around 1,044 households with 4,016 people in Long Son island of Long Son commune in Vung Tau city, the municipal government said.
Ba Ria &ndash Vung Tau province will grant licenses for Long Son oil refining-petrochemical industrial zone, oil refining-petrochemical and port project soon, said Tran Minh Sanh, chairman of the provincial People&rsquos Committee.
Without major oil refineries, Vietnam now has to import almost of petroleum products. The country was estimated to have spent US$5.92 billion importing 6.81 million metric tons of petroleum products in the first six months of this year, up 68.9 per cent on year and 4.4 per cent, respectively.
The first oil refinery Dung Quat is under construction in central Quang Ngai province with expected operation in next February to process 6.5 million tons of crude oil a year and meet more than 33 per cent of the domestic demand. (Local sources)
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