Aramco May Join $22b Vietnam Refinery Project

Aramco May Join $22b Vietnam Refinery ProjectAramco May Join $22b Vietnam Refinery Project

Thai energy company PTT has joined with Saudi Aramco, the world’s biggest oil producer, to submit a proposal to the Vietnamese government to build a $22 billion refinery and petrochemical complex in Vietnam, a senior PTT official said.

State-controlled PTT and Aramco will each own 40 percent of the project at Binh Dinh’s Nhon Hoi economic zone, with the Vietnamese government holding the remaining 20 percent, Atikom Terbsiri, PTT senior executive vice president was quoted by the Arabian Business as saying.

“Aramco will help supply crude to an oil refinery with capacity of 400,000 barrels per day,” Atikom said, adding that PTT-owned Thai Oil and IRPC will also join the project.

The Vietnamese’s trade and industry ministry will consider the proposal, which will be discussed with Thai Prime Minister Prayuth Chan-Ocha, who is due to visit Southeast Asian countries in the coming months, Terbsiri said. The project includes an olefins and aromatic petrochemical plants with combined capacity of 5 million tonnes a year. It is expected to take six to seven years before the complex is fully operational.