‘In 6 months there will be a capital plan for oil refining worth 27 billion USD’

'In 6 months there will be a capital plan for oil refining worth 27 billion USD' 3

‘In 6 months there will be a capital plan for oil refining worth 27 billion USD’

According to Binh Dinh leaders, the province will set up an advisory group consisting of experts in the field of refining and petrochemicals, representatives of the Central Region Development Research Fund, Bank for Investment and Development of Vietnam (BIDV) in coordination with the Central Region.

`In the next 6 months, the report will be completed and submitted to the Government for consideration and approval,` Mr. Loc said.

To prepare infrastructure to welcome investors, Mr. Man Ngoc Ly, Head of the Nhon Hoi Economic Zone Management Board, said that Binh Dinh has almost finished preparing about 2,000 hectares of clean land to build a factory, with only some problems remaining.

In the next 6 months, a plan to arrange capital for oil refining and petrochemicals of 27 billion USD will be submitted to the Government.

The pre-feasibility report prepared by PTT said that the petrochemical refinery will have a total investment capital of about 27 – 28 billion USD.

`In the project investment report for the next 6 months submitted to the Government, this capital contribution ratio will be finalized by PTT into a single plan,` Binh Dinh leaders said.

With only a contribution of 5 billion USD, PTT will have to invite more foreign partners to participate in building the factory.

Nhon Hoi petrochemical refinery project has a capacity of about 30 million tons per year.

With a regional scale, Mr. Vu Dai Thang – Head of the Economic Zones Management Board (Ministry of Planning and Investment) commented that this is a very `bold` project in the current difficult economic context.

Faced with this issue, Mr. Man Ngoc Ly said, investment projects in Nhon Hoi economic zone are applied with the highest investment incentives such as land allocation and land lease for up to 70 years for implementation.

Established in June 2005, Nhon Hoi economic zone has attracted 37 investment projects with a total registered capital of 33,520 billion VND, including 11 foreign investment projects with a total registered investment capital of 540 billion VND.

Binh Dinh is promoting activities to develop multifaceted cooperative relationships with Thai localities, considering Thailand as an important economic partner, said Mr. Mai Thanh Thang – Vice Chairman of the Provincial People’s Committee.

If the Thai investor’s oil refinery project is implemented, it is expected that the entire industrial park in Nhon Hoi economic zone will be filled, leaders of this province commented.

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