Oil refinery to lift host province’s capital investment
Central Phu Yen province will allow the planned Vung Ro oil refinery project to increase its investment capital from 1.7 billion USD to 3.18 billion USD.
Central Phu Yen province will allow the planned Vung Ro oil refineryproject to increase its investment capital from 1.7 billion USD to 3.18billion USD.
This will double the oil refinery's annual outputto eight million tonnes. Construction is due to start this quarter andbe completed in four years.
Since the project was licensed in2007, the investor – British Virgin Islands' Technostar Management Ltd–decided to increase investment based on market demand.
The oilrefinery would be built in Hoa Tam Industrial Zone, in Nam Phu YenEconomic Zone, instead of on more than 185ha in Hoa Tam and Hoa Xuan Namcommunes.
The project is expected to help the central provinceattract other projects to the Hoa Tam Industrial Zone, especially inpetro-chemistry and post oil refinery supporting industries.
Besides supplying a significant volume of petrol products to thedomestic market and reducing the country's dependence on petrol imports,the project is also expected to contribute roughly 111 million USDyearly to the State budget and generate roughly 1,300 jobs.-VNA
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