PTT to invest in Vietnam petrochemical complex

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BANGKOK, Aug 12 — Thailand’s PTT energy conglomerate will invest US$20 billion in a Vietnamese petrochemical complex that will start to meet local and overseas demand in seven years.

Saran Rangkasiri, PTT’s chief operating officer for downstream petroleum products, said that the company will present its study on the proposed petrochemical complex to the Vietnamese government in the near future.

The study has been completed for a complex to be built in the central plain province of Binh Dinh near the city of Quy Nhon.

It will have a capacity for refining 400,000 barrels of oil per day and producing about 5 million tons of aromatics and olefins per year

Mr Saran said that the petrochemical complex would sell half its products in Vietnam where there is still an insufficient supply of oil and plastic pellets and would export the remainder of its production.

“If the Vietnamese government approves, PTT will proceed with the project. It will be completed in seven years and support the liberalization of the AEC where ASEAN and Thai people can invest in the industry continuously,” the PTT officer said.

Mr Saran said that PTT would hold a 40 per cent stake in the complex, its partners 40 per cent and Vietnam 20 per cent. The complex will refine imported crude and manufacture comprehensive petrochemical products.