A five-company consortium led by Japan 's JGC Corp. has won the exclusive right to negotiate a contract to build Vietnam 's largest refinery in the country's northern province of Thanh Hoa, informally securing the contract, a Japanese media report said.
The JGC-led group and another consortium led by Italian plant engineering company Saipem S.p.A. competed for the lucrative bid, the Japanese economic daily of Nikkei reported, adding that the bid solicitor favored the JGC-led consortium due to JGC's experience in undertaking projects in Vietnam.
The consortium, which also includes Japan 's Chiyoda Corp., the French firm of Technip, and Republic of Korea ’s groups SK and GS, is expected to sign a formal contract at the end of February after the bid solicitor makes the final assessment of the technological expertise of the companies involved.
The project will be invested by a four-company group consisting of Vietnam Oil and Gas Corp. (PetroVietnam), Idemitsu Kosan Co. and Mitsui Chemicals Inc. of Japan, and Kuwait Petroleum International Ltd. at an estimated cost of 8 billion USD, of which the bid solicitor will finance 30-40 percent from their own money, whille the remainder will be funded by loans from both government-affiliated and private banks, including the Japan Bank for International Cooperation (JBIC).
Once completed by the end of 2014, the refinery will have the capacity to process 200,000 barrels of crude oil a day imported from the Middle East , turning out such petrochemical products as gasoline, diesel oil, kerosene, jet fuel and polypropylene./.
The JGC-led group and another consortium led by Italian plant engineering company Saipem S.p.A. competed for the lucrative bid, the Japanese economic daily of Nikkei reported, adding that the bid solicitor favored the JGC-led consortium due to JGC's experience in undertaking projects in Vietnam.
The consortium, which also includes Japan 's Chiyoda Corp., the French firm of Technip, and Republic of Korea ’s groups SK and GS, is expected to sign a formal contract at the end of February after the bid solicitor makes the final assessment of the technological expertise of the companies involved.
The project will be invested by a four-company group consisting of Vietnam Oil and Gas Corp. (PetroVietnam), Idemitsu Kosan Co. and Mitsui Chemicals Inc. of Japan, and Kuwait Petroleum International Ltd. at an estimated cost of 8 billion USD, of which the bid solicitor will finance 30-40 percent from their own money, whille the remainder will be funded by loans from both government-affiliated and private banks, including the Japan Bank for International Cooperation (JBIC).
Once completed by the end of 2014, the refinery will have the capacity to process 200,000 barrels of crude oil a day imported from the Middle East , turning out such petrochemical products as gasoline, diesel oil, kerosene, jet fuel and polypropylene./.
