The Vietnamese government has given the green light to Thai energy giant PTT Plc. to build an oil refinery and petrochemical complex.
This is in response to a proposal the company submitted last November for a 660,000-barrel oil refinery, which will cost approximately USD27 billion. The approval of the request will take place after a detailed feasibility study, to be completed within the year.
Vietnamese Prime Minister Nguyen Tan Dung has agreed in principle to the building of the multi-billion complex in Binh Dinh province. The study will first be evaluated by the Vietnamese Industry and Environment Ministries before being passed to the Prime Minister for final approval.
According to the Bangkok Post, construction is scheduled to begin in 2016, with the goal of having the plant operational by 2020.
