The $20bn project proposal will be submitted soon by the company to the Vietnamese Government.
Bangkok Post quoted PTT senior executive vice president Atikom Terbsiri as saying that PTT and the Vietnamese Government will hold 40% and 20% stakes respectively while the remaining 40% will be held by other partners in the project.
"There are no terms of reference. All the proposal details came from our own feasibility study and the decision will be made by the Vietnamese government.
Planned to be built in Binh Dinh province near Quy Nhon city, the complex will comprise a 400,000 barrels per day (bpd) refinery and olefins and aromatic petrochemical plants with yearly production capacities of three and two million tonnes respectively.
The project will refine imported crude and manufacture petrochemical products for domestic and export markets.
The project work is slated for completion by 2021 and the complex will cater to the domestic market, Reuters reported.
Vietnam’s refined oil products demand is currently at around 30,000bpd and is estimated to grow more than 5% per year.
