Oil refinery to lift host province’s capital investment
Central Phu Yen province will allow the planned Vung Ro oil refinery
project to increase its investment capital from 1.7 billion USD to 3.18
billion USD.
Central Phu Yen province will allow the planned Vung Ro oil refinery
project to increase its investment capital from 1.7 billion USD to 3.18
billion USD.
This will double the oil refinery's annual output to eight million tonnes. Construction is due to start this quarter and be completed in four years.
Since the project was licensed in 2007, the investor – British Virgin Islands' Technostar Management Ltd –decided to increase investment based on market demand.
The oil refinery would be built in Hoa Tam Industrial Zone, in Nam Phu Yen Economic Zone, instead of on more than 185ha in Hoa Tam and Hoa Xuan Nam communes.
The project is expected to help the central province attract other projects to the Hoa Tam Industrial Zone, especially in petro-chemistry and post oil refinery supporting industries.
Besides supplying a significant volume of petrol products to the domestic market and reducing the country's dependence on petrol imports, the project is also expected to contribute roughly 111 million USD yearly to the State budget and generate roughly 1,300 jobs.-VNA
This will double the oil refinery's annual output to eight million tonnes. Construction is due to start this quarter and be completed in four years.
Since the project was licensed in 2007, the investor – British Virgin Islands' Technostar Management Ltd –decided to increase investment based on market demand.
The oil refinery would be built in Hoa Tam Industrial Zone, in Nam Phu Yen Economic Zone, instead of on more than 185ha in Hoa Tam and Hoa Xuan Nam communes.
The project is expected to help the central province attract other projects to the Hoa Tam Industrial Zone, especially in petro-chemistry and post oil refinery supporting industries.
Besides supplying a significant volume of petrol products to the domestic market and reducing the country's dependence on petrol imports, the project is also expected to contribute roughly 111 million USD yearly to the State budget and generate roughly 1,300 jobs.-VNA
You should also see
Energy industry needs nearly 5 trillion VND of investment in 2021-2030
The total investment capital demand for the whole energy sector in the 2021-2030 period is between 4.13-4.8 trillion VND (163.01-189.46 million USD), according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.
See more
Business
Dong Nai calls for Korean investment into green growth
The southern province Dong Nai introduced its investment projects and incentives to the Republic of Korea (RoK)’s firms at a workshop in Seoul on April 25.
Business
Vietnam ranks fifth among aquatic product suppliers for Singapore
Vietnam jumped one place to become the fifth largest exporter of aquatic products to Singapore for the first time in the first quarter of this year, according to its Trade Office in the city state.
Business
Forum seeks ways to boost exports amid external challenges
Experts gathered at a forum in Ho Chi Minh City on April 25 to seek ways to untangle knots in terms of capital and market for exporters in the context that the ongoing conflicts in many regions are disrupting international trade.
Business
Enterprises want clearer regulations on seafood production
It is necessary to develop more detailed and consistent regulations on seafood production for export in line with the implementation of solutions towards sustainable and responsible fishing practices, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Business
InfographicRice exports up 40% in Q1
According to the Ministry of Agriculture and Rural Development, Vietnam exported 2.07 million tonnes of rice in the first quarter of 2024, earning 1.37 billion USD in revenue. This represents a 12% increase in volume and 40% in value compared to the same period of 2022.
