Taiwan Formosa may build US$12.47B oil refining complex in central Vietnam

Formosa Group of Taiwan said it may invest US$12.47 billion to build an oil refining and petrochemical complex in Vietnam’s central province of Ha Tinh.

The firm expects to build the complex in Son Duong area, Ky Anh district with an annual capacity of 16 million tons, Formosa said, giving no timetable.

Formosa is speeding up a study for the project and will submit it the government for approval soon.

Vietnam, the world’s 13th populous nation of 86.5 million people, has only one oil refinery named Dung Quat, which is running at full capacity and has refined over five million tons of crude oil into 4.2 million tons of products since its first operation on February 22, 2009.

The Southeast Asian nation plans to put into operation between five and six oil refineries with a combined capacity of 30 million tons of crude oil a year by 2015 to meet its rising demand for petroleum products which is forecast to hit between 22 million and 25 million metric tons by that time. (Investment)

Tags: Formosa Group, Formosa oil refining complex

Posted by VBN on Aug 10 2010. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry