Signing EPC Contract for Nghi Son Oil Refinery Project

     Honored guests attending the ceremony are Prime Minister Nguyen Tan Dung, Mr Yasuaki Tazinaki - Japanese Ambassador in Vietnam, Mr Eiki Furata - Senior Managing Director of JGC Corporation, Mr Phung Dinh Thuc - Chairman of PVN Management Board, and other leaders from Central Ministries & Branches and Thanh Hoa Province.

     Nghi Son Refinery anh Petrochemical Complex Project is an important one of the Nation and is located in an area of 400ha of Nghi Son Economic Zone, Tinh Gia district, Thanh Hoa province. The expected refinery capacity will be 200,000 tanks a day (equivalent to 10 million tons annualy) with the raw oil imported from Kuwait (KEC).

     The total investment capital is approximately USD 9 billion, in which the loan capital is around USD 5 billion from JBIC, IFC, NEXI, KEXIM and other banking groups in Vietnam and overseas; the rest is from the Owner. The project's main products are LPG gas, petrol (RON 92, 95), diesel oil (deluxe and normal), oil, reactive fuel, polypropylene plastic, paraxylene, benzene and sulphur.

     Investors participating in the projects consists of PVN: 25.1%, International Oil Company of Kuwait (KPI/KPE): 35.1%, Idemitsu Kosan Co., of Japan (IKC): 35.1%, Mitsui Chemical Co., of Japan (MCI): 4.7%. The Nghi Son Oil & Petrochemical Refinery Co., Ltd. (NSRP) was established by these investors under a Joint-venture Contract signed on 7/4/2008 an Investing Certificate isssued on 14/4/2008.

     The EPC Contractors Consortium leaded by JGC Corporation (Japan) includes Chiyoda Corporation (Japan), GS Engineering & Construction Corporation (Korea), SK Engineering & Construction Co., Ltd (Korea), Technip France (France), and Technip Geoproduction (M) Sdn. Bhd (Malaysia).

     In anticipation, this project will be finished by Quarter IV /2016 and put into operation in 2017, satisfying about 40% of the need of oil & petrol consumption all over the country.

Adapted from Dan tri Newspaper