UAE Group Seeks to Build Oil Refinery in Central Vietnam

Al Tamouth Investments LLC, a big group with great competence and experience in petrochemical investment of the United Arab Emirates (UAE), has recently proposed a plan to build a petrochemical plant in central Binh Thuan province, the Tien Phong (Pioneer) newspaper reported June 11.

 

The plant, which is expected for construction in local Son My industrial park, will import oil and gas from overseas countries, the source said.

 

Provincial authorities have submitted the foreign firm’s plan to the Vietnamese government for approval.

 

The Vietnamese government was also proposed to add the hoped project to the agenda of meetings between the two governments in the coming time.

 

Details about the refinery’s estimated investment and technical specialties have not yet been made available.

 

Currently, Vietnam has no major oil refineries. Vietnam now has to import almost all of petroleum products. The first oil refinery Dung Quat is under construction in central Quang Ngai province with expected operation in February of 2009.

 

The country is forecast to spend US$4.85 billion importing 5.83 million metric tons of petroleum products in the first five months of 2008, up 68.7 per cent on year and 6.2 per cent, respectively, the General Statistics Office (GSO) said. (Pioneer)