4:01:12 PM | 12/6/2007
Authorities in central Phu Yen province of Vietnam have earmarked 500 ha of land for Singaporean SP Chemicals to build US$1.2 billion petrochemical complex in Hoa Tam ward, state media said.
The company will pay US$3 million for the compensation work.
The Singaporean firm hopes to annually manufacture 1.5 million tons of aniline, caustic soda, chlorine, and other chemicals when the plant becomes operational in 2012.
The products will be used for industries like textiles, petrochemicals, pulp and paper, consumer goods, pharmaceuticals, and metallurgy, and will be exported to China, Japan, and the Republic of Korea.
The company had earlier eyed a location in either Van Phong Economic Zone or Cam Ranh Bay, both popular investment destinations in the neighboring Khanh Hoa province. But after its surveys, the firm chose Hoa Tam ward due to favorable transport.
The factory will be the largest project in Vietnam and important for the province for attracting other foreign investments.
SP Chemicals is one of the largest iron-membrane Chlor-alkali and aniline producers in its home country.
It is seeking to build an oil refinery in the central Binh Dinh province. A feasibility studies for the project is being prepared. (Thanh Nien Online)
Vietnamese
