PetroVietnam to establish $3bn petchem complex

20 July 2006 11:10  [Source: ICIS news]

SINGAPORE (ICIS news)--State-owned PetroVietnam plans to establish a $3bn petrochemical complex in the northern Thanh Hoa Province, a company spokesman said on Thursday.

The company is looking for joint venture partners from the US, Russia and Japan. A PetroVietnam spokesman said a front runner is believed to be Tokyo-based basic chemicals producer Idemitsu Kosan. The Japanese company is major supplier of ethylene, propylene and aromatics.

An Idemitsu Kosan spokesman said the company was looking to expand to southeast Asia, and Vietnam was a candidate, but that didn’t mean the company would definitely invest in Vietnam.

PetroVietnam said the complex, to be built at the Nghi Son Industrial Zone, 200km south of Hanoi, would include a refinery with an annual output capacity of 7m tonnes. As much as 50% of the crude oil for processing would come from the Middle East.

No further details were given about the petrochemical complex.

Tomomi Yokomura in Japan contributed to this article.

By: Matt Kovac
+65 6780 4359

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