KPC board approves Vietnam refinery and petrochemical project

28 May 2013 14:48  [Source: ICIS news]

DUBAI (ICIS)--State-run Kuwait Petroleum Corporation’s (KPC) board of directors has given the go-ahead to set up a $9.2bn oil refinery and petrochemical complex in Vietnam, a government official said on Tuesday.

“The board, which met yesterday (Monday), has agreed to proceed with the project,” said a senior official of KPC, asking not to be named.

“KPC will inject around $3.2bn, equivalent to about 35% of the project, while three other companies, two of them Japanese and one Vietnamese, will have different proportions of equity financing,” he added.

The $9.2bn Nghi Son petrochemical complex, located 180km south of Hanoi and the largest project of its type in Vietnam, will have a refining capacity of 200,000 bbl/day.

Kuwait Petroleum International (KPI), the international arm of KPC, established the joint venture in April 2008 with PetroVietnam, as well as Japanese firms Idemitsu Kosan Co and Mitsui Chemicals Inc.

KPC had signed engineering, procurement and construction contract of the project in January 2013.

By: Aamir Ashraf

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