Partners sign contract to set up JV for Vietnam's second oil refinery

Vietnam's state-owned Viet Nam Oil and Gas Corp or PetroVietnam (PVN), Kuwait Petroleum International (KPI), Idemitsu Kosan Corp (IKC) and Mitsui Chemicals Inc (MCI) have signed a contract to form a joint venture (JV) to build and operate Nghi Son Refinery & Petrochemical Complex, Vietnam's second oil refinery. KPI and IKC each hold 35.1% of the joint venture's capital, PVN 25.1% and MCI 4.7%. The project's debt-to-equity ratio is targeted at 70:30. Japan Bank for International Co-operation (JBIC) will provide loans of about 70% of the project's capital. The refinery, to be located in Thanh Hoa Province, will be built at an estimated investment outlay of US$6 bln and is planned to go online in 2013. Upon completion, the plant will have a capacity of processing 10 mln tpa of crude (200,000 bpd). At a later date, a second stage of the project will be commissioned to double capacity.
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