Thai PTT, Saudi Aramco mull collaboration in Vietnamese refinery and petrochemical project

17-Sep-14

Thai energy company PTT has joined world's premier oil producer Saudi Aramco, in submitting a proposal to the Vietnamese government to build a US$22 bln refinery and petrochemical complex in Vietnam, as per Reuters. The two are mulling a 40% stake in the at Binh Dinh’s Nhon Hoi economic zone. The Vietnamese government will hold the remaining 20%, Atikom Terbsiri, PTT senior executive vice president, told reporters. “Aramco will help supply crude to an oil refinery with capacity of 400,000 barrels per day,”, adding that PTT-owned Thai Oil and IRPC will also join the project. The Vietnamese’s trade and industry ministry will consider the proposal, which will be discussed with Thai Prime Minister Prayuth Chan-Ocha, who is due to visit Southeast Asian countries in the coming months. The project includes an olefins and aromatic petrochemical plants with combined capacity of 5 mln tpa. It is expected to take six to seven years before the complex is fully operational. The completed project would help to meet Vietnam’s domestic demand for oil products and boost its exports.