The Vietnam Oil and Gas Group (PetroVietnam) recently urged the government to invest nearly USD 19bn in two phases in a petrochemical and refinery complex and an oil storage facility in the Long Son Oil and Gas Industrial Park in Vung Tau city in Ba Ria-Vung Tau province. The annual output of the plant in the first phase will be 7-9 million tonnes of petroleum and 2-3 million tonnes of petrochemicals.
In the first phase, the petrochemical and refinery plant will have a capacity of processing 12-13 million tonnes of crude oil per year, along with 0.66 million tonnes of condensate, LPG, and ethane.
In the second phase, the plant will receive additional investments to raise its output by 3-5 million tonnes of petroleum and 5.5-7.5 million tonnes of petrochemicals per year, according to a news agency.
PetroVietnam plans to finalise the proposal dossiers and submit them to the government in January next year. It will make a feasibility study report from June to December 2023 and expects to receive the project’s investment decision approval in the first quarter of 2024.
The company will select the engineering procurement and construction contractors from January 2024 to December 2027.