Vietnam provides land Kuwaiti refinery, petrochemicals plant
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Vietnam provides land for Kuwaiti refinery, petrochemicals plant

9:54 AM, 11th October 2012
Vietnam provides land for Kuwaiti refinery, petrochemicals plant

KUWAIT: The government of Vietnam has allocated land for a Kuwaiti jointly-owned refinery and petrochemicals plant, with the land now ready for excavation and basic construction, a Kuwait Petroleum International (Q8) Senior Employee said Tuesday.

The Nghi Son Refinery and Petrochemical project is a joint venture between Q8 (35.1 per cent), PetroVietnam (25.1 per cent), Japan’s SK (35.1 per cent) and Mitsui Chemicals.

The Vietnamese government has provided facilities such as allowing tax-free import of crude oil for the refinery and pledging to purchase all the petroleum products of the intended refinery, Yousif Al-Yateem, Director and Deputy Director (Financial Affairs), Kuwait Petroleum International (Q8), said in an interview with Kuwait Petroleum Corporation’s staff magazine.

Q8 has done “extensive research” of the intended project, especially the economic aspect, he said, like the exchange value of the Vietnamese currency. All of these feasibility studies showed that the project is “economically feasible.” Due to hard currency issues, the execution of the project has been delayed a year, and the Japanese government have stepped in to resolve the matter, he said.

Japanese banks have funded 70 per cent, of the total costs of the project, in addition to backing from the UN and World Bank, he added.

The remaining costs, around KD 360 million ($ 1 billion), will be shared amongst the three main partners, the governments of Kuwait, Vietnam and Japan, he concluded.

© Kuwait News Agency (KUNA) News 

 

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