The Vietnam National Oil and Gas Group (PetroVietnam) and three international banks (BNP Paribas, Calyon and HSBC) signed a loan contract worth US$146 million on October 15 to provide capital for a Polypropylene workshop project.
The US$234 million project is being conducted next to the Dung Quat oil refinery in the central province of Quang Ngai to utilize propylene gas supply from the refinery.
The workshop project will be on a trial run until February 2010 and the contractor, EPC is expected to hand it over to PetroVietnam in June 2010.
The Dung Quat oil refinery, which is a key national project, has an investment of more than US$3 billion and a processing capacity of 6.5 million tonnes of crude oil per year.