Saturday, November 10, 2007

Vietnam and German JV to start oil refinery construction progresses

The Hai Phong Paper Joint Stock Company (HAPACO) and its German partner, Evagor Company, will start the construction of a 1-million-tonne-per-year oil refinery in 2008 as preparatory work has completed.

The 150 million USD project will be built in Dinh Vu Industrial Zone.

The foreign partner will be responsible for 85 percent (128 million USD) of the project investment capital as well as designing consultancy, equipment supply, technology transfer and project operation in the first phase.

HAPACO will contribute the remaining 22 million USD.

The project is expected to put into operation by 2010. When completed, it will be the first oil refinery in the northern coastal area.