Aramco, PTT tie up in bid for $22 billion Vietnam refinery

16/09/2014 01:20 AST

Thai energy company PTT has joined with Saudi Aramco 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, told reporters.

"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 tons a year. It is expected to take six to seven years before the complex is fully operational.

The completed project would help to meet Vietnam's domestic demand for oil products and boost its exports.

PTT revised down the value of the project from a previous estimate of $28.7 billion after the Vietnamese government issued a license for a new refinery in northern Vietnam. The planned capacity of PTT's oil refinery has been cut by 40 percent from an initial 660,000 barrels per day.


Reuters

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941
SAMBA 26.98 1,138,683
STC 83.41 257,644
DARALARKAN 13.47 74,648,349

Recent News

Saudi Public Investment Fund signs agreement with Six Flags to create amusement park in Riyadh

05/04/2018

Saudi Arabia's Public Investment Fund (PIF) has signed an agreement with Six Flags to develop and design an amusement park in Riyadh. Six Flags, the world’s leading international amusement park compa

Arab News

Green energy drive will boost KSA employment: Saudi Arabia’s renewable energy chief

05/04/2018

In an exclusive interview with Arab News, Turki Mohammed Al-Shehri explains how an expanding renewables industry will boost employment as well as pave the way for a greener future.

A massiv

Arab News

Dubai house prices, rents drop in first quarter of 2018

05/04/2018

Dubai’s residential property market continued to soften in the first three months of this year, in line with analysts’ forecasts, with rental values recording a more pronounced fall than sales prices

The National

Saudi Arabia lifts GCC index buoyed by strong oil prices

05/04/2018

Buoyed by a strong oil price of $70 per barrel, Saudi Arabia’s Tadawul shot up by over 6 per cent in March 2018, according to Kuwait Financial Centre’s (Markaz’s) recently released Monthly Markets Re

Times of Oman

Banks’ real estate credit at QR147.7bn

05/04/2018

Qatar banks’ combined credit facilities to real estate sector rose by QR17bn to QR147.7bn in 2017. The banks’ credit to various sectors stood at QR911bn at the end of 2017, up from QR839bn recorded i

The Peninsula

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap