Phu Yen (VNA) -- Singapore's SP Chemicals has received in-principle approval from Prime Minister Nguyen Tan Dung to undertake two large petrochemical projects in the central province of Phu Yen.
The 1.5 billion USD Naphtha Cracking petrochemical complex would be built in Hoa Tam commune and was expected to be operational in 2014.
SP Chemicals would also develop a petrochemical park to house other petrochemical projects in the same commune, a project that has been targeted for completion in 2024.
"With the in-principle approval, we can now commence on full feasibility studies to assess the suitability and viability of the projects," SP Chemicals CEO Chan Hian Siang wrote on the company's website.
"I believe this decision by the Vietnamese Government demonstrates confidence in our group's ability to plan and implement massive projects which would in turn deliver significant economic benefits to Viet Nam," he added.
In granting the approval, PM Dung also agreed to add the Naphtha Cracking petrochemical complex's estimated output of 800,000 tonnes of ethylene per year to the country's oil and gas development plan for 2006-15.
Dung also gave the nod to a supplement to the master plan on developing Viet Nam's seaport system with a special-purpose port capable of receiving 250,000 DWT ships at Bai Goc in Phu Yen's Dong Hoa district to service the Hoa Tam petrochemical industrial park.
The province was assigned to guide the investor to complete investment procedures. Preferences for these projects would be considered once authorised agencies have verified and licensed these projects in accordance with the law.-Enditem |
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