The Dung Quat Oil Refinery Plant (Source: VNA)Hanoi (VNA) - The Ministry of Natural Resources and Environment has approvedthe environmental impact assessment report of a project to upgrade and expandthe Dung Quat Oil Refinery, which is operatedby the Binh Son Refining and PetrochemicalCompany (BSR).
BSR said this is an important milestone, affirming the efforts of the company andthe support and direction of ministries, agencies, the People's Committee ofQuang Ngai province and the Vietnam Oil and Gas Group (PetroVietnam).
According to the firm, the ratification of the report is a legal basisfor BSR to consult shareholders about the approval of front-end engineering design andthe estimate for the project.
The Dung Quat Oil Refinery expansion and upgradeproject received an investment certificate by the Dung Quat EconomicZone Authority (DEZA) in 2014.
The 1.8 billion USD project aims to increase the plant’s annual capacity from6.5 million tonnes of crude oil to 8.5 million tonnes.
Besides existing products meeting internationalstandards and the EURO 5 criteria, the project will also produce plastics, tar,A97 and A98 gasoline and special materials used in military and defence.
The expansion project is scheduled to becompleted by 2021.
PetroVietnam, the People's Committee of Quang Ngai and BSR have preparedall necessary conditions to implement the project.
By the end of February, the land clearance work had reached 99.8 percent. It isexpected that on March 31, the local authorities will hand over all 108.2 ha ofcleared land to the project management board under BSR.
BSR is coordinating with relevant units to finalise the capital arrangementplan for the project. It will propose policies and tools to increase revenue tothe Government, as well as suggest PetroVietnam guarantee loans for the project.-VNA
VNA
