PetroVietnam proposes $19-bn petrochemicals complex, oil storage unit

18 Aug 22 1 min read

The Vietnam Oil and Gas Group (PetroVietnam) recently urged the government to invest nearly $19 billion in two phases in a petrochemical and refinery complex and an oil storage facility in the Long Son Oil and Gas Industrial Park in Vung Tau city in Ba Ria-Vung Tau province. The annual output of the plant in the first phase will be 7-9 million tonnes of petroleum and 2-3 million tonnes of petrochemicals.

In the first phase, the petrochemical and refinery plant will have a capacity of processing 12-13 million tonnes of crude oil per year, along with 0.66 million tonnes of condensate, LPG and ethane.

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In the second phase, the plant will receive additional investments to raise its output by 3-5 million tonnes of petroleum and 5.5-7.5 million tonnes of petrochemicals per year, according to a news agency.

PetroVietnam plans to finalise the proposal dossiers and submit to the government in January next year. It will make a feasibility study report from June to December 2023 and expects to receive the project’s investment decision approval in the first quarter of 2024.

The company will select the engineering-procurement and construction contractors during January 2024 to December 2027.

Fibre2Fashion News Desk (DS)

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