Hanoi, Apr 03, 2008 (Asia Pulse Data Source via COMTEX) -- -- ? The Vietnam National Oil and Gas Group (PetroVietnam) says it will sign joint venture contracts with Japanese and Kuwait partners to build the Nghi Son Oil Refinery and Petrochemical Complex.
The 7-million-tonne complex will be built at an estimated cost of 2.5 billion USD in Nghi Son commune, northern Thanh Hoa province.
Once operational, the plant will produce liquefied petroleum gas (LPG), petrol for classes 90, 92 and 95, kerosene, diesel, FO, jet fuel and other petrochemical products such as polypropylene, polyester, benzel, sulphur and asphalt.
At a press conference in Hanoi on April 3, PetroVietnam Chairman Dinh La Thang said the parties will sign the contracts on April 7, and may also come to an agreement to establish a joint stock company specialising in distributing the complex?s products.
A series of other key oil and gas projects have progressed in the first quarter of this year. Among the projects, the 750MW Ca Mau 1 Electricity Plant began generating electricity for commercial use on March 20.
Meanwhile, work on the Phu My-Nhon Trach gas pipeline, which has an annual capacity of 2 billion cu.m, is close to completion.
An agreement was also inked to set up a joint venture for the southern petrochemical complex, and the Dung Quat oil refinery project will begin turning out products in February 2009.
Additionally, PetroVietnam has signed three oil and gas exploration contracts in Tunisia , Laos and Iran .
?A project in Algeria is entering the final assessment stage and is expected to turn out products in 2010,? Thang said, adding that the group?s board of directors will have a meeting to discuss overseas mining strategies.
In the first three-month period, PetroVietnam produced 5.64 million tonnes of oil and exported nearly 2.76 billion USD worth of crude oil.
With revenues of more than 4.3 billion USD (69 trillion VND) in the first quarter, or 20 percent of the country?s figure, PetroVietnam now holds an important position in the national economy.
The group expects to earn 18.75 billion USD (300 trillion VND) in 2008, the highest level so far.
Via [Tarding markets]
