Petrovietnam enters polyester JV with Vinatex

25 March 2008 04:38  [Source: ICIS news]

SINGAPORE (ICIS news)--Petrovietnam has entered a 50:50 joint venture with Vinatex to build a $200m (€130m) polyester fibre plant in Haiphong, Vietnam, a company source said Tuesday.

The plant, under the newly-established Petrovietnam-Vinatex Dinh Vu Synthetic Fibre and Petrochemical Joint Stock Company (PVTEX JSC), is expected to have an annual polyester production capacity of 165,000 tonnes.

“The company will import both monoethylene glycol (MEG) and purified terephthalic acid (PTA) feedstock from externally sources”, he said.

“The parent company, Vinatex, will purchase PVTEX JSC’s polyester output for use in its textile and garment production,” he added.

The joint venture talks have been in progress since the second half of 2002, when Petrovietnam submitted a pre-feasibility study for the project to the Ministry of Planning and Investment (MPI) for approval.

($1 = €0.65)

By: Serene Cheong
+65 6780 4359

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