Monday, September 10, 2007

Singapore firm’s $11 billion petrochemical IP slated for central Vietnam

Singapore’s SP Chemicals plans to invest US$11 billion in a petrochemical industrial park in central Vietnam, local media has reported.

SP Chemicals and the Phu Yen provincial authorities approved Saturday an infrastructure plan for the industrial park (IP), which will be located in Hoa Tam ward, Dong Hoa district.

SP will develop infrastructure for the Hoa Tam Petrochemical IP, including a port project aiming to accommodate 250,000 DWT ships and a $1.2 billion petrochemical complex between now and 2014.

The 500ha, 11-mill Naphtha Cracking petrochemical cluster is designed to manufacture 1.5 million tons of aniline, caustic soda, chlorine, and other chemicals annually once it is up and running in 2012.

Such products are used in a wide range of industries – including textiles, paper, pharmaceuticals, metallurgy and other consumer goods – and will be sold to China, Japan, and South Korea.

The petrochemical IP will be the largest such project in Vietnam and crucial for the Phu Yen province in calling for other foreign investment.

SP Chemicals is one of the largest iron-membrane Chlor-alkali and aniline producers in its home country.

It also aims to build an oil refinery in the central Binh Dinh province, for which a feasibility study is being prepared.

According to SP’s initial proposal, the Binh Dinh refinery will process crude oil imported from the Middle East for domestic use and export to China.

Source: Tuoi Tre, Thanh Nien – Compiled by Dong Ha