A corner of Binh Phuoc Ethanol Plant (Source: PetroVietnam)

Hanoi (VNA) - The National Oil and Gas Group (PetroVietnam) said it is coordinating with relevant partners to prepare for the resumption of Binh Phuoc Ethanol Plant in the southern province of Binh Phuoc.

According to Bui Ngoc Duong, who is in charge of PetroVietnam’s Gas & Oil and Gas Processing Department, shareholders - Toyo Thai New Energy, PetroVietnam Oil Corporation (PVOIL), and Licogi 16 Joint Stock Company (Licogi 16) - have contributed the lacked capital to prepare for the re-opening of the plant.

In addition, the joint-venture contractor VSP-Licogi 16 has completed the maintenance and repair in the first stage, making it ready for resumption.

Regarding the recruitment and training of human resources, the project’s investor - the Orient Bio-Fuels (OBF) Co., Ltd. recruited key personnel as well as carry out training courses to serve the maintenance, repair and operation of the plant.

PVOIL and OBF also negotiated a contract for product consumption. Accordingly, PVOIL will advance money, which will be used by OBF as floating capital to buy materials for production.

The Binh Phuoc Ethanol Plant started its operation in April 2012 and produced over 16,000 cu. of ethanol. The production was then stopped because of business losses caused by difficulties in product consumption.

PVOIL - a subsidiary of PetroVietnam, contributed 29 percent of the project’s capital, while Toyo Thai New Energy’s capital accounted for 49 percent of the total.-VNA