PetroVietnam allocates US$6 bln for second refinery and petrochemical complex

The VietNam Oil and Gas Group (PetroVietnam) has allocated US$6 bln for the construction of a second refinery and petrochemical complex in Tinh Gia District of Thanh Hoa Province. PetroVietnam's contribution for the project will be approximately US$1.8 - 2 bln, viz 30% of the combined capital needed to build the complex. PetroVietnam's pursuit in negotiating with Idemitsu of Japan to form a joint venture, if successful, will ensure the group has a hand in both finance and technology. Construction of Vietnams' second refinery after Dung Quat is due to begin next year. The project is eligible for the Governments' special incentive policies and expected to be completed by 2013. The other major domestic investors include the Viet Nam Post and Telecommunications Group, the Bank for Foreign Trade of Viet Nam, the Viet Nam Bank for Agriculture and Rural Development, the Viet Nam National Petroleum Corporation and other shareholders, with a contribution ratio of 8, 10, 10, 10, and 32% respectively.
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