Hoa Phat and Petmal Oil to pour $10 billion into Phu Yen

May 11, 2023 | 19:12

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The domestic steelmaker Hoa Phat Group and Petmal Oil Holdings from Malaysia have plans to pour VND230 trillion ($10 billion) into Phu Yen province

Hoa Phat and Petmal Oil to pour $10 billion into Phu Yen

Hoa Phat and PETMAL Oil plans to pour $10 billion in Phu Yen

After a meeting with Phu Yen People’s Committee in mid-April, leaders of Petmal Oil Holdings continued a working session with provincial leaders on May 10 to discuss its investment plan.

According to the group, it had plans to develop an oil refinery with an annual capacity of 8 million tonnes of crude oil in Bai Goc Port. The major products combine polypropylene, benzene, RON 92, and RON 95.

The project has an initial investment capital of $2 billion for the long term and the investment capital will increase to $5 billion. Once complete, it will generate jobs for 1,200 people and contribute VND20 trillion to the local budget.

Petmal Oil Holdings is the first independent, integrated, and licensed oil company in Malaysia that is involved in both up and downstream activities. It has played a major role in acquiring supply contracts from major companies within the industry to regional markets such as India and Europe.

Along with the project of Malaysian investor, the steelmaker Hoa Phat proposed to develop a complex of four projects with a total investment capital of VND120 trillion ($5.2 billion).

Notably, the group wants to build Hoa Tam Industrial Park, Bai Goc seaport, an iron and steel complex, and a trading and service area. The investment capital for the iron and steel complex is VND80 trillion ($3.48 billion).

Tran Dinh Long, chairman of the board of directors of Hoa Phat, said that half of the investment capital in the projects was Hoa Phat equity, and half came from loans.

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By Ha Vy

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