Home / Knowledge / News / Textiles / Mitsui finalises $9bn petro-refinery in Vietnam
Mitsui finalises $9bn petro-refinery in Vietnam
06
Jun '13
Mitsui Chemicals, Inc., Idemitsu Kosan Co., Ltd. (Kazuhisa Nakano, President), Kuwait Petroleum International, and Petro Vietnam announced the final decision to invest a total US$9 billion in their refinery and petrochemical complex construction project at Nghi Son economic zone, Thanh Hóa Province, Vietnam.

Following this decision, Nghi Son Refinery & Petrochemical Limited Liability Company (NSRP), the project's joint venture company, concluded a financing agreement with a public financial institution and private banks in a total of US$5 billion.

The financing agreement consists of approximately US$2.3 billion from the Japan Bank for International Cooperation (JBIC) and the Export-Import Bank of Korea and approximately US$2.7 billion in loans from domestic and overseas private banks which are insured or guaranteed by Nippon Export and Investment Insurance (NEXI) and foreign export credit agencies.

It is noted that the project has received a US$1.65 billion loan from JBIC and a US$1.3 billion overseas investment insurance coverage by NEXI.

This final decision on project investment and financing agreements will allow construction to start in July. Construction is scheduled for completion in 2016 and commercial operation is targeted for 2017.

This project, which has at its base the stable supply of crude oil from Kuwait, will capture rapidly growing demand for petroleum products in Vietnam while also responding to forecasted expanding aromatic (paraxylene and benezene) markets and export sales of polypropylene products. The large-scaled project is expected to yield high returns.

In addition to securing a stable source for aromatics, which are raw materials of phenols and PTA, under competitive conditions thereby strengthening Mitsui Chemicals' business operations, the Company will also provide licenses for polypropylene production.

Mitsui Chemicals


Must ReadView All

Indian govt relaxes cabotage rule for cotton transport

Textiles | On 25th May 2018

Indian govt relaxes cabotage rule for cotton transport

The Government of India has relaxed cabotage rules for transportation ...

Courtesy: Teejay Lanka

Textiles | On 25th May 2018

Teejay Lanka doubles production capacity at Indian mill

Teejay Lanka, one of Sri Lanka’s largest textile manufacturers, has...

Courtesy: Messe Frankfurt/Yarn Expo Autumn edition

Textiles | On 25th May 2018

Yarn Expo Autumn 2018 scheduled earlier

Over 500 exhibitors are expected at the Yarn Expo Autumn 2018, being...

Interviews View All

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search