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The statement was confirmed by the Minister of Trade Truong Dinh Tuyen at the press meeting to brief the petrochemical complex in Nhon Hoi economic zone on the morning of 15/8/2013 in Quy Nhon city. Photo: Panorama of the press meeting.

At the meeting, Mr. Sukrit Surabotsopon, Deputy Chief Executive Officer of Petroleum Corporation of Thailand (PTT) said that the reason PTT choose Binh Dinh to invest in a petrochemical complex was because it had large vacant land up to 2,000 ha, far from residential areas, near deep water port. Crude oil tankers can moor 2 km off the coast, which is convenient for making a pipeline system to bring material to the plant (in Thailand, the pipeline to pump crude oil from vessels is 20 km from the coast). On the other hand, the site to construct the plant is shielded by Yen Ngua mountain, so it is not very likely to be affected by harsh climate condition in the rainy season in the Central region. 

After long time of investigation, research and negotiation, PTT has officially issued a letter to register its investment in a refinery, petrochemical complex in Nhon Hoi Economic Zone on an area of ​​2,000 ha, with a capacity of 660,000 barrels of crude oil/day (equivalent to 30 million tons/year). The investment is expected to be approximately USD 28.7 billion from the capital of Thailand Petroleum Corporation, strategic partners and partners of Vietnam. Crude oil for the plant will be imported from countries of the Middle East (45%), Africa (25%) and South - Central America (30%). The plant will produce about 11 refined petroleum products such as LPG, gasoline 92, 95, Jet A1, diesel oil, ... and 10 other petrochemical products including LLDPE, Poly-propylene, DEG ... The consumer markets are mainly Vietnam and some other countries in the Southeast Asia.

Lately, the People's Committee of Binh Dinh Province in collaboration with PTT investors have prepared a prefeasibility study and explaination of a number of relevant issues and to submit them to the Ministry of Industry and Trade (MoIT) and relevant ministries. The MoIT has requested the Prime Minister to approve for adding this project to the Vietnam oil and gas development planning toward 2015, vision until 2025. 

Currently, the investor is working on a feasibility study, organizing bids to select competent international consultants to consult the project owner in completing the feasibility project of the refinery, petrochemical plant in Nhon Hoi Economic Zone as requested by the Prime Minister and the central ministries. Binh Dinh PPC has also asked universities, colleges and vocational training institutions in the province and the relevant agencies to provide necessary information and data for the preparation of the feasibility project. In addition, PPC has invited leading experts in economics, engineering technology and environment nationwide, the former leaders of Vietnam oil and gas industry and former leaders of PPC and Economic Zone Management Board to participate in the consulting group, supporting the PPC in checking and evaluating the project before it is submitted to the MoIT.

According to the plan, in the middle of 2014, PTT will submit the feasibility study to the Prime Minister.