Reuters cited PTT senior executive vice president Atikom Terbsiri as saying to reporters that state-controlled PTT and Aramco will each own 40% stake in the project while the remaining 20% will be owned by the Vietnamese government.
Terbsiri said: "Aramco will help supply crude to an oil refinery with capacity of 400,000 barrels per day (bpd)."
Located at Binh Dinh’s Nhon Hoi economic zone, the project construction is likely to commence in 2016 and will take six to seven years for completion.
Terbsiri said that the Vietnamese Trade and Industry Ministry will discuss the proposal with Thai Prime Minister Prayuth Chan-Ocha in the coming months.
The complex, if approved, will refine imported crude and produce petrochemical products for domestic and export markets.
The refinery’s planned capacity has also been lowered from an initial 660,000bpd.
The project, which will comprise an olefins and aromatic petrochemical plants with combined capacity of 5 million tons annually, is expected to meet Vietnam’s domestic demand for oil products and boost its exports.
