Execution of mega JV in Vietnam-Nghi Son Refinery and Petrochemical Complex to start in 2014

10-Jun-14

Kuwait Petroleum International (Q8) will start the execution of a mega joint venture to build a refinery and petrochemical complex in Vietnam in 2014, said Q8 Chief Executive Officer Bakheet Al-Rashidi , as per KUNA. The Nghi Son Refinery and Petrochemical Complex, a joint venture between Q8, PetroVietnam and Japanese companies Idemitsu Kosan and Mitsui Chemicals, will be located in Thanh Hoa Province in North Vietnam, around 200 kilometers south of Hanoi. The project has reached an advanced stage with regard to the engineering and supplying operations, expected to see commencement of production beginning in mid-2016. Total cost of the project is yet to be precisely determined, and is pegged between US$7-9 bln. As Vietnam's largest oil refinery, it is expected to contribute more than 30 percent of Vietnam's demand for petroleum products. Although Vietnam is Southeast Asia's third-largest producer of crude oil, its limited.