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The Thai energy company PTT has joined up with Saudi Aramco to submit a proposal to build a $22bn petrochemical and chemical complex in Vietnam, according to Reuters.
Aramco and PTT would each own 40% of the complex that will be built at Binh Dinh’s Nhon Hoi economic zone, Atikom Terbsiri, PTT senior executive vice president, said.
The Vietnamese government will own the remaining 20%.
“Aramco will help supply crude to an oil refinery with capacity of 400,000 barrels per day,” Atikom commented, adding that PTT-owned Thai Oil and IRPC will also join the project.
The Vietnamese’s trade and industry ministry will consider the proposal, which will be discussed with Thai Prime Minister Prayuth Chan-Ocha, who is due to visit Southeast Asian countries in the coming months, Terbsiri said.
The project includes an olefins and aromatic petrochemical plants with combined capacity of 5mn tonnes a year.
It is expected to take six to seven years before the complex is fully operational.
