PetroVietnam, Chinese XinAo Co-invest US$700 Mln to Co-produce Clean Energy
The state-owned oil monopoly PetroVietnam group and the Chinese XinAo group are accelerating a project worth US$700 million to produce clean fuels in Nghi Son district of Vietnam's central Thanh Hoa province.
During the first phase, the project will build a liquid natural gas (LNG) storage and port, as well as a distribution network with capacity of 3 million tons annually.
For the second phase, PetroVietnam and XinAo will prioritize their focus on production of dimetylete (DME) chemical and blend it with liquefied petroleum gas (LPG) in order to lower LPG price.
According to the director of Climate and Atmosphere Program under the New York-based Environmental Protection Fund, Vietnam should boost investment in clean energy development in a bid to reduce impacts of climate change. (Investment)
Vietnamese
