HKAII Gets Green Light for Oil Refinery Plant

The Vietnamese government has given a nod in principle to the Hong Kong General Association of International Investment (HKAII) to build a US$1.5-2 billion oil refinery in the central province of Binh Dinh, said director of the province’s Department of Planning & Investment Le Van Tam.

 

Mr. Tam said Deputy Prime Minister Vu Khoan had agreed in principle to the investor's plan after considering the province's report.

 

Under the plan, the oil refinery project will be built on a 450-ha area at a duty-free zone, with an annual processing capacity of five million tons of oil. The project is one of several to be developed by HKAII members in Nhon Hoi Economic Zone.

 

Besides, HKAII also wants to develop a 500-ha industrial park inside the zone, which the province has also agreed to.

 

Two months earlier, HKAII's chairman Hui Chi Ming had clinched a memorandum of understanding (MOU) with Binh Dinh Province chairman Vu Hoang Ha to invest into the economic zone in Hanoi. The signing followed their meeting with Deputy Prime Minister Vu Khoan, Minister of Planning and Investment Vo Hong Phuc, and Minister of Natural Resources and Environment Mai Ai Truc.

 

According to the MOU, HKAII members will survey and develop some projects in Nhon Hoi Economic Zone. These include a large-scale 500-ha petrochemical complex with an oil refinery, a repository and a port in a duty-free area, and a resort with a golf course and a yachting club.

 

HKAII also wants to build an industrial alcohol factory with an annual capacity of 200,000 tons, and accommodation projects including high-rise apartment blocks, villas and buildings for financial institutions.
Saigon Times Daily