Idemitsu, Mitsui Vietnam JV to include PX plant

28 March 2008 09:44  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese oil refiners Idemitsu Kosan and Mitsui Chemicals’ $5.8bn (€3.7bn) joint venture project in Vietnam will include a new 480,000 tonne/year paraxylene (PX) plant, a company spokesman said on Friday.

The proposed paraxylene unit at Nghi Son, Thanh Hoa province, will also produce 150,000 tonnes/year of benzene, he added.

"The companies are still in discussion to decide the capacity for the BTX (benzene, toluene and mixed xylenes) plant, which will definitely be larger than 500,000 tonnes/year," the spokesman said.

These aromatics output will be used as feedstock for Mitsui Chemical’s purified terephthaliac acid (PTA) and phenol businesses, the companies said in a statement. The project also includes a 350,000 tonne/year polypropylene (PP) plant.

Idemitsu, Mitsui will sign an agreement for the 200,000 bbl/day refinery and petrochemical joint venture with two other state-owned oil majors in Hanoi in early April, they added.

Over 70% of funds will be raised through project financing, they said.

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

($1=€0.63)

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Author: Brian Myung
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