Contractor Consortium to Hand over Polypropylene to PetroVietnam Aug 25
A contractor consortium of Hyundai Engineering/LGI/PVC and PVE is expected to hand over the Dung Quat polypropylene production plant in Vietnam’s central province of Quang Ngai to the investor, the state-run Vietnam Oil and Gas Group (PetroVietnam) on August 25.
The $235-million plant, of which construction was started in February 2009, is capable of refining propylene produced from the first national oil refinery Dung Quat into 150,000 tons of thermoplastic a year.
The facility, which turned out the first batch of the product on July 15, is expected to bring in an annual net profit of between $15 million and $20 million on revenues of between $170 million and $200 million.
As of Aug 1, the plant had produced over 4,000 tons of polypropylene thermoplastic polymer and is expected to produce 37,101 tons of the product through end-2010.
The plant’s product will be used in the plastic, auto, wrapping and fiber manufacturing industries. (VNA)
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