PTT to invest in Vietnam petrochemical complex

BANGKOK, August 12 (TNA) - The energy conglomerate of Thailand PTT will invest US$20 billion in a new petrochemical complex in Vietnam to cater for future energy demands and promote continuing investment from ASEAN and Thai people in the industry. Saran Rangkasiri, chief operating officer for downstream petroleum products of PTT Plc, said the project, which will soon be presented to the Vietnamese government, will be built in the central plain province of Binh Dinh and be completed in seven years. The complex will have the capacity of refining 400,000 barrels of oil per day and producing about 5 million tons of aromatics and olefins per year. The complex will also refine imported crude and manufacture comprehensive petrochemical products. Half of the products will be sold in Vietnam, where there is still insufficient oil and plastic pellets. PTT will hold a 40% stake in the complex, its partners 40% and Vietnam 20%. (TNA)