Vung Ro plant needs EPC contractor

November 09, 2011 | 16:15

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At this point of time investors UK-based Technostar Management and Russia’s Telloil Group at central Phu Yen province’s $1.7 billion Vung Ro oil refinery project still could not pick an engineering-procurement-construction (EPC) contractor to kick-off construction of the oil plant, according to a relative source.

>> Vung Ro digs for oil partner

The investors recently undertook with Phu Yen management authorities to begin construction of the plant in the first quarter of 2012. The first-phase construction will be finalised in early 2015 when the oil plant will be capable of churning out four million tonnes of products per year.

In August 2011, the investors announced they had completed financial arrangements for the project with $20 million credit plan for 2011 of which $2 million was sent to the BIDV’s Phu Yen branch to deposit for land acquisition costs.

As planned, the oil plant will use imported crude oil from the Middle East.

It will be constructed on 400 hectares of land and water surface and is expected to raise the production capacity to eight million tonnes per year in the second phase.

The first wholly foreign-owned oil refinery near Vung Ro Seaport will produce liquefied petroleum gas, gasoline, diesel oil, benzene and polypropylene among other products.
Besides an oil refinery, the investors also plan to build a chemical manufacturing plant and a port.

By Hoang Nam

vir.com.vn

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