(VOV) – Prime Minister Nguyen Tan Dung has given the green light to a 27 billion USD oil refinery-petrochemical complex project in the central province of Binh Dinh.

Nhon Hoi Economic Zone                               Source: Dan tri

The complex will be built in the Nhon Hoi economic zone, covering an area of 2,000 hectares and is expected to produce to 660,000 barrels of crude oil per day, equivalent to 30 million tons per year. Crude oil will be imported from the Middle East, Africa and South America to feed the plant. The Chairman of Binh Dinh province’s People’s Committee, Le Huu Loc, said: "We will work with the investors to complete the feasibility study of project. The results will be reported to the Central ministries and agencies for assessment and then be submitted to the Prime Minister. The Nhon Hoi economic zone is fully-equipped for an oil refinery complex to operate in. We have confidence in the Petroleum Authority of Thailand (PTT) for their knowledge of the oil refinery business".

The project is finally implemented following 3 years of negotiations between Binh Dinh province’s People’s Committee and the Petroleum Authority of Thailand. The two sides signed a memorandum of understanding for the project’s implementation in March.