The Ministry of Industry and Trade is seeking opinions from different ministries and agencies concerning a USD27 billion oil refinery project by the Petroleum Authority of Thailand (PTT) before submitting it to the government.
Authorities in Binh Dinh Province affirmed on January 5 that PTT requested building the large oil refinery there last year. At a press conference held on February 4, the deputy minister of Industry and Trade,Le Duong Quang, said they have not yet seen any solid plans for the project after the work with Binh Dinh Province authorities.”There is no specific information about the supply raw materials, capital or distribution. Binh Dinh Province authorities have said they would request more detailed plans from the investors,” Quang said. Currently the ministry is collecting opinions before sending a report to the prime minister. The project would be a collaboration between PTT and Binh Dinh Province for the last three years and is expected to involve other Vietnamese partners. According to the investors, the refinery would be built in the Nhon Hoi Economic Zone with the capacity for producing 660,000 barrels per day. The estimated cost is around USD27 billion, and the hope is to penetrate markets in Vietnam, Japan, China and neighbouring countries.45 percent of the crude oil will be imported from Middle East, 25 percent from Africa and 35 percent from South and Central America. The oil refinery would produce 11kinds of refinery products, including qualified petroleum gas, A1 jet fuel and 10 other petro-chemical products. If the project is approved, construction could start in 2016, with operations beginning in 2019.Due to the large investment required, the public has expressed concerns over feasibility, but the Thai investors have insisted that they are determined and have the financial capacity to complete the project.