Thailand national oil company PTT Plc will submit a US$20bn oil refinery and petrochemical project to the Vietnamese government by the end of September 2014. The refinery project would be developed in the Nhon Hoi economic zone in Quy Nhon (Binh Dinh province of Vietnam) and would have a process capacity of 400,000 bbl/d, with 260,000 bbl/d dedicated to petrochemical feedstock and 140,000 bbl/d sold to the retail market. It would also produce 2 Mt/year of aromatics and 3 Mt/year of olefins. The project had been announced in 2012 with an initial capacity of 660,000 bbl/d and a total investment of US$27bn, which were reduced in August 2014. The refinery could be commissioned in 2019-2020.
The sole refinery in Vietnam has a capacity of 130,000 bbl/d. The government has approved the expansion of refinery production to 420,000 bbl/d within the next five or six years.
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