Singapore's SP Chemicals has planned to pour 11 billion U.S. dollars into building a petrochemical complex and supporting facilities in Vietnam's central Phu Yen province, according to local newspaper Young People on Monday.
Under a memorandum of understanding signed by SP Chemicals and the Phu Yen People's Committee on Sept. 8, the 1,300-ha complex in Dong Hoa district, which will house petrochemical plants, is scheduled to come into operation in 2014. The company will also build a seaport, capable of receiving 250,000-ton ships.
Vietnam is building its first oil refinery called Dung Quat with investment of some 2.5 billion U.S. dollars in central Quang Ngai province, and making preparation for the construction of its second oil refinery named Nghi Son in northern Thanh Hoa province.
The Dung Quat refinery with an annual refining capacity of 6.5 million tons of crude oil will become operational in late 2008 or early 2009, said Vietnam's state-owned National Oil and Gas Group (PetroVietnam), the project's investor.
Source: Xinhua
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