Planning on US$30 million oil refinery underway

VGP – The Petroleum Authority of Thailand (PTT) and the Binh Dinh Province People’s Committee jointly organized a press conference on August 15 to launch the planning of the Nhon Hoi Oil Refinery Plant.

August 15, 2013 10:05 PM GMT+7

Overview of the press meeting

Assisted by consultants, the Thai group has established a team to conduct a feasibility study for the project from now till May 2014, said Senior Executive Vice President of PTT Sukrit Surabotsopon.

The plant is expected to come into operation by 2020.

With capital investment of around US$25-30 billion, the project will be divided into two phases, focusing on producing petro-chemical products. The plant will be able of refining 660,000 barrels of crude oil, equal to 33 million tons of petro-chemical products, per year.

Once completed, the plant will create jobs for 30,000 direct laborers and 100,000 indirect laborers.

Economists estimated that Viet Nam’s demands for petro-chemical products will be 4.2 million tons per year from now to 2020.

By Thuy Dung