Vietnam: Refinery Secures World Bank Funding
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Tuesday, 11 October 2011 |
Kuwait Petroleum International has announced that funding has been approved for the company to construct Vietnam’s second refinery. The project will be financed by International Finance Corporation, a member of the Washington-based World Bank Group.
KPI’s Chairman, Hussein Ismail, revealed the development via Kuwaiti state news agency KUNA. He added that building the $6.2bn Nghi Son oil refinery was an essential part of Kuwait’s investment strategy of large refining and petrochemicals projects in Asia.
The refinery will be located 200 km south of capital Hanoi, and construction will be overseen by KPI and PetroVietnam, along with Japanese firms Idemitsu Kosan and Mitsui Petrochemical. The planned refining capacity of the plant will be 200,000 barrels per day.
The plant will offer automotive fuel, kerosene, jet fuel and diesel. It is scheduled to be fully operational by 2015.
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