Thailand awaits Vietnamese decision on petrochemicals

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BANGKOK, Sept 15 — Thailand is awaiting a decision by the Vietnamese government on developing petrochemical and oil refineries there, according to Pailin Chuchottaworn, chief executive officer of PTT Plc.

Mr Pailin told journalists that he went to Hanoi last week for talks with Vietnamese Prime Minister Nguyen Tan Dung. He also submitted a feasibility study on developing the petrochemical refinery and an oil refinery to the Ministry of Industry and Trade.

The PTT report reiterated that the two large-scale projects could be implemented, he said.

The study showed that the most suitable production of crude oil is at 400,000 barrels a day while the production of finished oil products is 260,000 barrels a day and production of petrochemical products is about 5 million tonnes a year.

Construction investment is approximately US$22 billion. The project would benefit the ASEAN Community after launching, due at the end of next year, and ASEAN members–Vietnam, Indonesia and the Philippines–whose oil production is still insufficient.