PVTex Signs $250M Deal for Dinh Vu Polyester Fiber Project
The PetroVietnam-Vinatex Dinh Vu Joint Stock Company (PVTex) signed Thursday May 14 an EPC deal worth $250 million to build its polyester fiber plant in the Haiphong-based industrial zone.
Under the deal, contractors including Hyundai Engineering Company, LG International Corp and Oil and Gas Construction Joint-Stock Company will supply spare parts and materials and training for the plant’s technicians.
This is the first project in Vietnam to produce polyester fiber from PTA (purified terephthalic acid) and MEG using advanced technologies.
The plant will comprise several workshops and pipelines to transfer liquid Mono Ethylene Glycol (MEG) from the wharf in Dinh Vu industrial zone, straight to the plant.
The project, with a total investment of $324.85 million, is scheduled to become operational in July 2011, providing an output of 500 tons of fiber a day.
Once completed, the plant is expected to supply about 40 per cent of the polyester fiber needed for domestic producers.
Currently, domestic production only meets 5 per cent-10 per cent of the demand for polyester fiber for the garment and textile industry. (Capital Security, Investment)
Vietnamese
