PTT-led refinery project in Vietnam to get priority status
PTT-led petrochemical and refinery project in Vietnam has been included in plans for the country's petrol sector, entitling it to priority from the government, Viet Nam News reported yesterday.
The agency said Vietnamese Prime Minister Nguyen Tan Dung has decided to include the Victory-Nhon Hoi petrochemical and oil refinery project in the plans.
The US$21.5-billion (Bt700 billion) Victory project, to be located in Binh Dinh’s Nhon Hoi Economic Zone, is to be funded by PTT and its strategic partner, the Saudi Arabian oil company Saudi Aramco.
The government has given a nod in investment priorities to the project, which were suggested by the province’s leaders and the ministry of finance.
In a meeting held last week between local authorities and government officials to discuss issues related to the project, Ho Quoc Dung, chairman of the Provincial People’s Committee, said he would work with PTT’s representatives to complete the investment licence, which is scheduled to be issued in February this year.
Accordingly, the Nhon Hoi project will enjoy favourable assistance in difficult regions, high-tech industrial zones and economic zones.
When the refinery comes into operation in 2017, its products will also be sold in Vietnam. Yet, the government has set no specific tax on the importation of the Nhon Hoi factory’s products.
The project’s first phase is estimated to be valued at $21.5 billion to produce 400,000 barrels per day.
