The Vietnamese government has approved to an oil refinery and petrochemical complex by the energy giant PTT Plc, paving the way for a detailed feasibility study within a year, as per Bangkokpost. In November 2012, PTT submitted a proposal to the Vietnamese government to build a 660,000 barrel oil refinery for an estimated US$27 billion.
Chief executive Pailin Chuchottaworn yesterday said Vietnamese Prime Minister Nguyen Tan Dung agreed in principle to the construction of the complex in the south-central coastal province of Binh Dinh. The study will be evaluated by the Vietnamese Industry and Environment ministries before being sent to the prime minister for final approval. Construction at the refinery is expected to start in 2016 with commercial operation scheduled for 2020.