PetroVietnam to Choose Investors for Long Son Oil Refining-Petrochemical Prj
The state-owned oil monopoly PetroVietnam group will sort out the list of investors who will invest in the Long Son oil refining-petrochemical project in southern Ba Ria-Vung Tau province in September this year, accoridng to PetroVietnam.
PetroVietnam said many foreign investors have interests to invest in the project, including Petronas of Malaysia, Abu Dhabi government-owned International Petroleum Investment Company (IPIC), Trafigura of Malaysia, and GS Group of South Korea.
An anonymous official of PetroVietnam said the group is mulling over setup of an oil and gas processing corporation upon the operation of the Long Son and Nghi Son oil refining and petrochemical projects, in addition to current PetroVietnam Oil Corp. (PV Oil).
PetroVietnam is speeding up works of the project including, the Front End Engineering Design (FEED), site clearance, and technology transfer.
The US$10-billion projects comprises an oil refinery costing at least US$6 billion and a petrochemical complex valued at around US$3.78 billion to be abjection to the refinery.
Construction of the US$3.77-billion petrochemical complex was started in September 2008, which is scheduled to be completed in late 2013 to turn out over three million tons of petroleum products per annum.
The Long Son project is the third of its kind in Vietnam after the US$3.1-billion operational oil refinery, Dung Quat, in central Quang Ngai province and the US$6.1-billion Nghi Son oil refining-petrochemical project in central Thanh Hoa province. (Investment)
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