3:53:17 PM | 18/3/2008
Provincial authorities of Khanh Hoa province have recently turned the green light to a US$4.5 billion project by Vietnam National Petroleum Corp (Petrolimex) to build a petrochemical complex in local Van Phong Bay economic zone.
The complex will be built by a joint venture of Petrolimex and foreign partners in a 140-hectare area in local Ninh Hoa district, a provincial official said.
The complex will comprise an oil refinery with an annual capacity of eight million tons, workshop, and stores, he attributed.
The provincial authorities are seeking government approval for the project.
Last year, Van Phong petroleum bonded warehouse limited company, a joint venture between two Vietnamese firms and a Singaporean partner, kicked off the construction of Vietnam’s first petroleum bonded warehouse in central Khanh Hoa province. This is the biggest petroleum bonded warehouse in the country, which is estimated to cost VND1.6 trillion (US$100 million). (HCM City Law)
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