 Thanh Hoa (VNA) – Prime Minister Nguyen Tan Dung launched a project to build Nghi Son Petrochemical Refinery Complex, the second in Vietnam , at a ceremony held in northern Thanh Hoa province on May 10.
“The Nghi Son Petrochemical Refinery Complex is an important project in the national industrialisation and modernisation,” PM Dung said at the ceremony.
The project is a joint venture between State-owned Vietnam National Oil and Gas Group (PetroVietnam), Kuwait Petroleum International (KPI), Japanese companies of Idemitsu Kosan Corp (IKC) and Mitsui Chemicals Inc (MCI).
It has a total investment capital of around 6 billion USD, to which PetroVietnam contributes 25.1 percent, KPI, 35.1 percent, IKC, 35.1 percent, and MCI, 4.7 percent.
The complex would reach a refinery capacity of 10 million tonnes of crude oil per year once it operates in 2013.
As the second oil refinery in the country, the Nghi Son complex is expected to satisfy close to 60 percent of the nation’s fuel demand to ensure energy security.
It is also expected to give a boost to economic growth in northern area of the central region in particular.
“The Government will create all conditions for the project,” PM Dung said, describing the project is a symbol of the friendship between Vietnam, Japan and Kuwait .
Vietnam’s first oil refinery is located at Dung Quat in central Quang Ngai province and is scheduled to start operation in February next year.
The country plans to place the third oil refinery at Long Son in southern Ba Ria-Vung Tau province.
PetroVietnam said it will be striving to build and operate three key projects to supply 100 percent of the country’s oil and gas demands by 2025.-Enditem
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