The planned Vung Ro oil refinery project in central Phu Yen province will increase investment capital from 1.7 billion USD to 3.18 billion USD and its capacity will be doubled to 8 million tonnes a year.
The investment licence was being adjusted accordingly, the provincial People’s Committee said. The oil refinery will be built in Hoa Tam Industrial Zone in Nam Phu Yen Economic Zone, instead of in an area of more than 175ha in Hoa Tam and Hoa Xuan Nam communes.
According to the project consultants, the old location was not appropriate for expansion and the plant might have a bad impact on the surrounding scenery.
The original project licensed in 2007 had a capacity of 4 million tonnes a year and investment of 17 billion USD.
The proposed adjustments were agreed in Document 2/TB-VPCP issued in February this year.
Minister of Planning and Investment Bui Quang Vinh said incentives should be provided, such as exemptions of land use fees and crude oil import tax, according to the Vietnam Economic Times newspaper.
Previously, chairman of the provincial People’s Committee Pham Dinh Cu said construction of the project must start no later than July. Project investors vowed to have the plant operated in four year.
Vung Ro oil refinery is expected to attract other projects to contribute around 111 million USD a year to the State budget and provide jobs for 1,300 labourers.-VNA
The investment licence was being adjusted accordingly, the provincial People’s Committee said. The oil refinery will be built in Hoa Tam Industrial Zone in Nam Phu Yen Economic Zone, instead of in an area of more than 175ha in Hoa Tam and Hoa Xuan Nam communes.
According to the project consultants, the old location was not appropriate for expansion and the plant might have a bad impact on the surrounding scenery.
The original project licensed in 2007 had a capacity of 4 million tonnes a year and investment of 17 billion USD.
The proposed adjustments were agreed in Document 2/TB-VPCP issued in February this year.
Minister of Planning and Investment Bui Quang Vinh said incentives should be provided, such as exemptions of land use fees and crude oil import tax, according to the Vietnam Economic Times newspaper.
Previously, chairman of the provincial People’s Committee Pham Dinh Cu said construction of the project must start no later than July. Project investors vowed to have the plant operated in four year.
Vung Ro oil refinery is expected to attract other projects to contribute around 111 million USD a year to the State budget and provide jobs for 1,300 labourers.-VNA
