Idemitsu, Mitsui to build $5.8bn Vietnam complex

27 March 2008 12:04  [Source: ICIS news]

SINGAPORE (ICIS news)--Idemitsu Kosan and Mitsui Chemicals will form a joint venture with two state-owned oil majors to build a $5.8bn (€3.7bn) refining and petrochemical complex in Vietnam, the Japanese companies said on Thursday.

The proposed 200,000 bbl/day refinery in Nghi Son was expected to start operations toward the end of 2013 and would be integrated with a 350,000 tonne/year polypropylene (PP) plant, Shoichi Nishira, an Idemitsu spokesman, said.

A 480,000 tonne/year aromatics unit would also be built, producing 150,000 tonnes/year of benzene, he added.

State-owned Kuwait Petroleum International Co and Idemitsu would each take a 35.1% stake while PetroVietnam would have a 25.1% share, Nishira said. Mitsui would hold the remaining 4.7% stake, he added.

($1 = €0.63)

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By: Florence Tan
+65 6780 4359

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