Written on 10.06.2013 - Industry
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VIETNAM: Nghi Son Refinery & Petrochemical Ltd. makes final decision on $9 billion project

The partners in the Nghi Son Refinery & Petrochemical Ltd. (NSRP) joint venture in Vietnam have made “the final decision” to invest $9-billion for the construction of a refinery and petrochemical complex at the Nghi Son economic zone in Thanh Hoa province.

The project, owned 35.1% each by Idemitsu Kosan and Kuwait Petroleum International, 25.1% by PetroVietnam and 4.7% by Mitsui Chemicals, involves construction of a 200,000-b/d oil refinery and facilities to produce 700,000 t/y of paraxylene and 370,000 t/y of polypropylene.

NSRP has concluded a $5-billion financing agreement with a public financial institution and private banks and earlier received a $1.65-billion loan from Japan Bank for International Cooperation and a $1.3-billion overseas investment insurance coverage by Nippon Export and Investment Insurance.

Earlier this year, NSRP issued a letter of award to an engineering, procurement and construction consortium of JGC Corp., Chiyoda Corp., Technip Group, SK Group and GS Group. Construction is scheduled to begin this summer, with commercial operations targeted for 2017.

Source: Weekly "PetroChemical News", Durham, NC, USA; 10 June 2013

(Syed Rashid Ali, Karachi, Pakistan)