Vietnam government allocates land for Nghi Son Refinery and Petrochemical project

16-Oct-12
The government of Vietnam has allocated land for a Kuwaiti jointly-owned refinery and petrochemicals plant, with the land now ready for excavation and basic construction, as per Menafn.com. The Nghi Son Refinery and Petrochemical project is a joint venture between four sides, with close to equal shares. Q8's share in the project is 35.1%, PetroVietnam holds 25.1% and Japan's SK holds 35.1%, in addition to a partner which specializes in the petrochemicals industry, Japan's Mitsui Chemicals. Due to hard currency issues, the execution of the project has been delayed a year, and the Japanese government have stepped in to resolve the matter. Japanese banks have funded 70% of the total costs of the project, in addition to backing from the UN and World Bank. The remaining costs, around KD 360 million (US$ one billion), will be shared amongst the three main partners, the governments of Kuwait, Vietnam and Japan, he concluded.
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