Final details are being worked out on whether Binh Dinh Province will get a USD22bn oil refinery expected to provide a major boost to Vietnam’s economy and deliver on the Vietnam government’s oil and gas master plan to 2020.
Binh Dinh Province set for USD22bn mega oil complex
The Environment Institute under the Vietnam National University-HCMC is completing its assessment on environmental impacts before submitting report on the Nhon Hoi Mega Oil Complex to the Ministry of Environment and Natural Resources.
Nhon Hoi Mega Oil Complex will be a huge boost to the economy of Binh Dinh Province as well as the central region. The project is expected to contribute three-to-four percent of total GDP of Vietnam and provide jobs to at least 30,000 workers.
Authorities of Binh Dinh Province are upgrading the infrastructure such as Phu Cat Airport and carrying out ground clearance work.
The mega oil complex is expected to cost USD22bn, with capacity of 400,000 barrels of oil. The complex is expected to produce 12 million tonnes of refined oil at EURO-V standards, and 4.9 million tons of petrochemical products a year. The main markets will be Vietnam, Japan, China and other regional countries.
Some experts are sceptical about the ability of the project’s investor, Thai energy firm PTT Pcl, to finance the project, as well as the environmental impact of the refinery and its feasibility.
A visit by Prime Minister Nguyen Tan Dung to Thailand in late 2014 led experts to believe the Nhon Hoi refinery will proceed. The prime minister listed the project in his oil and gas development master plan to 2020. The project’s investors may receive preferential incentives.
The Saudi Arabian Oil Company (Aramco), which will be the main crude oil supplier and strategic investor, promised to use the most modern technology.
“If everything goes smoothly, we’ll give the license to investors by Tet Holiday,” one senior official said.
Đăng ký: VietNam News