A motorcyclist pasts the central province of Binh Dinh's Nhon Hoi Economic Zone, where a US$21.5-billion refinery is planned
A Thai-invested oil refinery, planned to be set up in the central province of Binh Dinh, has pared its estimated invested from US$28.7 billion to $21.5 billion.
Nhon Hoi Refinery made the revision in a pre-feasibility report it submitted recently to the government, Thoi bao Kinh te Sai Gon (Saigon Times) Online newspaper quoted an unnamed source as saying Friday.
A feasibility report is expected to be submitted to the government next month, Le Huu Loc, chairman of the Binh Dinh People’s Committee, told an economic conference in the provincial capital Quy Nhon the same day.
Construction of the refinery is scheduled to begin in 2016, and it would go on stream three years later, Loc was quoted as saying.
The refinery in the Nhon Hoi Economic Zone will produce 660,000 barrels per day, which will make it one of the world’s largest.
It will import crude from the Middle East, Africa, and South and Central Americas.
The mega project faces opposition from the state-owned PetroVietnam, which owns the country’s sole refinery Dung Quat and is building a second in the north-central province of Thanh Hoa.
PetroVietnam, which hoped to meet 70 percent of the domestic demand for oil products with the two refineries, insists that PTT’s plant will upset the supply-demand situation in Vietnam.
However, Nhon Hoi has received support from the government as well as analysts who expect it to have a have positive impact on the economy by boosting exports and strengthening competition in the domestic market, leading to lower gasoline prices.
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