Vietnam to Hand over Site to $6.2B Nghi Son Oil Refinery Complex Aug 31

The management board of the $6.2-billion Nghi Son oil refinery and petrochemical complex plans to hand over cleared site to the project’s investor on Aug. 31 of this year to facilitate the project’s kick-start on schedule.

 

The board said it will ensure completion of relocation of people displaced by the complex to be located in the central province of Thanh Hoa through April 30, 2010.

 

Construction of the 325-hectare complex is expected for the kick-start at the Nghi Son Economic Zone in Tinh Gia district in the fourth quarter of this year, with a planned operation for the first phase in 2013.

 

With a capacity of refining 200,000 barrels of crude oil per day or 10 million tons per annum, the complex is expected to produce annually 2.4 million tons of gasoline, 3.8 million tons of diesel, 400,000 tons of polypropylene, 600,000 tons of jet fuels and nearly one million tons of other chemicals.

 

The state-run Kuwait Petroleum Corp (KPC) and Japanese Idemitsu each hold a 35.1% stake in the complex while the state-run Vietnam Oil and Gas Group (PetroVietnam) holds a 25.1% stake and Japanese Mitsui holds a 4.7% stake.

 

This is the second oil refining project in Vietnam after the $3.054-billion Dung Quat oil plant in the central province of Quang Ngai, which has been operational since last Feb. 22 and has produced a combined 1.707 million tons of products as of end-Jan of this year. (The People)