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Malaysian firm wants to invest in US$2 billion refinery in Phu Yen

The Saigon Times

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HCMC – PETMAL Oil Holdings (Malaysia) has proposed investing in an oil refinery worth US$2 billion in the Southern Phu Yen Economic Zone.

Provincial Chairman Ta Anh Tuan had a working meeting with PETMAL Oil Holdings on April 19 over the 500-hectare oil refinery project.

The Southern Phu Yen Economic Zone is planned to attract investments in technical infrastructure to build a deep-water port and develop industries combined with making full use of the sea port’s advantages, including an oil refinery.

At the meeting, the chairman and general director of PETMAL Oil Holdings, Paduka Affendi, proposed investing in the oil refinery in southern Phu Yen, which would be executed in 36 months.

The chairman of the Phu Yen People’s Committee said that the proposal for investment policy made by the corporation was appropriate with the provincial socio-economic development plan.

For the oil refinery project, he requested the investor to continue discussing and working with relevant departments, agencies and partners to ensure regulatory compliance in implementing the investment project in the province.

Earlier, Deputy Prime Minister Tran Hong Ha and the Government delegates paid a site visit to the Southern Phu Yen Economic Zone, where Bai Goc port will be built. The port, oriented to develop multi-objective berths and specialized berths for steel factories, oil refineries, liquid gas cargo and logistics areas, could handle ships of 250,000 DWT.

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