3:02:24 PM | 21/11/2007
Provincial authorities of Phu Yen November 18 turned the green light to Technostar Manangement Ltd of the U.K. and Telloil oil company of Russia, to build an oil refinery in local Dong Hoa district at a cost of VND27,480 billion (US$US$1.71 billion).
To occupy 200 hectares, the plant will be located in Hoa Tam and Hoa Xuan Nam commune, to produce liquefied petroleum gas (LPG), benzene, gasoline, diesel, fuel for reactive power and sulphur.
The investors expect the construction will start late this month, and the plant will reach a designed capacity of four million tons per year when fully operational after 48 months of building.
The plant will be near local Vung Ro port, and will use local and foreign crude oil as material input, the firms said.
Technostar and Telloil chose Phu Yen for their oil refinery investment due to the provincial favorable geological position. The Vung Ro port is deep-water and convenient for big oil tankers. Investors have found easy to build oil pipelines linking from the port to the central highlands region, southern Laos and northeastern Cambodia.
This is the fourth oil refinery project in Vietnam.
Vietnam now has no oil refineries. The first Dung Quat is still under construction in central Quang Ngai province and is due for operation in February 2009. The country is preparing for the second Nghi Son in central Thanh Hoa province and the third Long Son in southern Ba Ria - Vung Tau province. (Young People, Laborer)
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