PTT mulls $28.7b refinery in Vietnam

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PTT plc’s headquarter in Bangkok, Thailand

Thailand’s oil and gas giant PTT has plans to build a massive refinery in central Vietnam at total project costs of $28.7 billion, according to a statement by the provincial government of Binh Dinh province issued on November 23.

The refinery is designed to have a capacity of 660,000 barrels a day and is slated to be built in the Nhon Hoi Economic Zone in Binh Dinh province, according to a pre-feasibility study that a PTT executive presented to provincial authorities at a meeting on November 22, the statement said.

Construction would likely begin in 2016 and the refinery would become operational in 2019, Le Huu Loc, chairman of Binh Dinh province’s People’s Committee, was quoted as saying by Dow Jones Newswires.

PTT has approached a number of Vietnamese companies about partnership roles in its planned refinery. They include state-run PetroVietnam, Petrolimex and Military Petroleum Corp., according to Dow Jones.

In any case, the potential for new refineries in Vietnam is huge. The country’s only refinery in Dung Quat produced just 130,000 barrels a day, one third of the domestic demand which forces the government to spend big on gasoline imports.

Meanwhile, PetroVietnam has approached Russian oil giant Rosneft to invest in oil and gas blocks offshore Vietnam in a joint-venture project, Dow Jones Newswires reported. No details have been released on the project, for which an agreement is supposed to be signed next year. Vietnam and Russia have historically strong ties in the oil and gas business, a partnership that dates back to the times of the Soviet Union’s support for its communist outpost in Southeast Asia.

 

 

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Reading Time: 1 minute

PTT plc’s headquarter in Bangkok, Thailand

Thailand’s oil and gas giant PTT has plans to build a massive refinery in central Vietnam at total project costs of $28.7 billion, according to a statement by the provincial government of Binh Dinh province issued on November 23.

Reading Time: 1 minute

PTT plc’s headquarter in Bangkok, Thailand

Thailand’s oil and gas giant PTT has plans to build a massive refinery in central Vietnam at total project costs of $28.7 billion, according to a statement by the provincial government of Binh Dinh province issued on November 23.

The refinery is designed to have a capacity of 660,000 barrels a day and is slated to be built in the Nhon Hoi Economic Zone in Binh Dinh province, according to a pre-feasibility study that a PTT executive presented to provincial authorities at a meeting on November 22, the statement said.

Construction would likely begin in 2016 and the refinery would become operational in 2019, Le Huu Loc, chairman of Binh Dinh province’s People’s Committee, was quoted as saying by Dow Jones Newswires.

PTT has approached a number of Vietnamese companies about partnership roles in its planned refinery. They include state-run PetroVietnam, Petrolimex and Military Petroleum Corp., according to Dow Jones.

In any case, the potential for new refineries in Vietnam is huge. The country’s only refinery in Dung Quat produced just 130,000 barrels a day, one third of the domestic demand which forces the government to spend big on gasoline imports.

Meanwhile, PetroVietnam has approached Russian oil giant Rosneft to invest in oil and gas blocks offshore Vietnam in a joint-venture project, Dow Jones Newswires reported. No details have been released on the project, for which an agreement is supposed to be signed next year. Vietnam and Russia have historically strong ties in the oil and gas business, a partnership that dates back to the times of the Soviet Union’s support for its communist outpost in Southeast Asia.

 

 

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