The signing ceremony of guarantee and commitment agreements and related documents for Viet Nam’s second oil refinery project was held yesterday in Ha Noi.
The launching ceremony of Nghi Son oil refinery, Thanh Hoa province, January 15, 2013 – Photo: VGP
The Nghi Son project, located in Tinh Gia District of the Northern province of Thanh Hoa, is a joint venture between PetroVietnam with a 25.1% stake, Kuwait Petroleum International with 35.1%, Japan’s Idemitsu Kosan with 35.1% and Mitsui Chemicals with 4.7%.
The 400-hectare project will have an annual capacity of 10 million tons of crude oil, or 200,000 barrels per day.
Construction is scheduled to begin in July 2013 and come into commercial operations in 2017.
Addressing the event, Deputy PM Hoang Trung Hai said that the project plays an important role in securing Viet Nam’s energy security as it will meet 70% of domestic demand for energy.
He asked relevant ministries, agencies and contractors to timely resolve obstacles to successfully finalize the project on schedule./.
Source : VGP