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Released January 18, 2013 | JOHANNESBURG
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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--A consortium has been awarded the contract to construct the $9 billion Nghi Son Refinery and Petrochemical (NSRP) complex in the Vietnam's Tinh Gia district of Thanh Hoa province, 200 kilometers south of Hanoi. The consortium consists of Idemitsu Kosan (OTC:IDKOY) (Tokyo, Japan) (35.1%); Kuwait Petroleum International (KPI) (35.1%); Mitsui Chemicals (TYO:4183) (Tokyo) (4.7%); and state-owned PetroVietnam (25.1%).
Idemitsu is leading the construction of the refinery, which will have a processing capacity of 200,000 barrels of oil per day and will meet the growing demand for petroleum product in the domestic market. It also will give Vietnam a strategic advantage in the growing market of Southeast Asia.
The mechanical completion date for the project is set for 2016, and commercial production will start in 2017, with a focus on the production of liquefied petroleum gas; gasoline products A92, A95 and A98; jet fuel; and diesel oil. KPI will supply crude oil to the project at a rate of about 10 million barrels annually, which could rise to 20 million barrels.
The partners in NSRP have issued a letter of intent for the front-end engineering design (FEED) to a consortium consisting of JGC Corporation (TYO:1963) (Yokohama, Japan), Chiyoda (OTC:CHYCY) (Yokohama), Technip Group (France, Malaysia) (OTC:TKPPY) (Paris, France), SK Engineering and Construction (Seoul, South Korea) and GS Engineering & Construction (Seoul).
NSRP will soon launch syndication procedures for a co-financing arrangement with international commercial banks, export credit agencies and multi-lateral agencies.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
Idemitsu is leading the construction of the refinery, which will have a processing capacity of 200,000 barrels of oil per day and will meet the growing demand for petroleum product in the domestic market. It also will give Vietnam a strategic advantage in the growing market of Southeast Asia.
The mechanical completion date for the project is set for 2016, and commercial production will start in 2017, with a focus on the production of liquefied petroleum gas; gasoline products A92, A95 and A98; jet fuel; and diesel oil. KPI will supply crude oil to the project at a rate of about 10 million barrels annually, which could rise to 20 million barrels.
The partners in NSRP have issued a letter of intent for the front-end engineering design (FEED) to a consortium consisting of JGC Corporation (TYO:1963) (Yokohama, Japan), Chiyoda (OTC:CHYCY) (Yokohama), Technip Group (France, Malaysia) (OTC:TKPPY) (Paris, France), SK Engineering and Construction (Seoul, South Korea) and GS Engineering & Construction (Seoul).
NSRP will soon launch syndication procedures for a co-financing arrangement with international commercial banks, export credit agencies and multi-lateral agencies.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
