Thailand eyes to invest in petrochemical projects in Vietnam

BANGKOK, September 15 (TNA) - Thailand, through PTT Public Company Limited (PTT), the country's largest petroleum firm, eyes to invest in petrochemical and oil refinery projects in Vietnam and is awaiting a decision by the Vietnamese government on the proposed investment plans. PTT President and Chief Executive Officer (CEO) Pailin Chuchottaworn told journalists of the information on Monday, saying that he traveled to Hanoi last week to hold talks with Vietnamese Prime Minister Nguyen Tan Dung and submit results of a feasibility study on the proposed investment projects to Vietnam's Ministry of Industry and Trade. PTT stated in the report that the two proposed mega-projects could be implemented, as its study showed that the most suitable production of crude oil stands at 400,000 barrels a day and the production of oil finished products at 260,000 barrels a day, while the production of petrochemical products is at about 5 million tonnes a year. According to the PTT report, construction investment alone is approximately at 22 billion US dollars and the projects benefit the ASEAN Economic Community (AEC), set to be established by the end of 2015, especially some ASEAN member countries, including Vietnam, Indonesia and the Philippines, whose oil productions are still insufficient. (TNA)