Thai PTT Works on Funding for $22 Bln Vietnam Refinery, Petchem Complex

Thailand's top energy company, PTT Pcl, said on Wednesday it would finalise the funding plan for a $22 billion refinery and petrochemical complex in Vietnam in the third quarter of 2015.

Vietnam's trade and industry ministry recently gave the go-ahead for the project, subject to approval from the government, Chief Financial Officer Wirat Uanarumit told reporters.

State-controlled PTT will join with Saudi Aramco, the world's biggest oil producer, to develop the project, which includes a 400,000 barrel-per-day refinery and an olefins and aromatic petrochemical plant making 5 million tonnes a year.

PTT and Aramco will each own 40 percent of the project in Binh Dinh's Nhon Hoi economic zone, with the Vietnamese government holding the remaining 20 percent.

The budget for the project was not included in PTT's five-year investment plan worth 327 billion baht ($10 billion) for 2014-2018, Wirat said, adding the company had invested less than expected this year because of political unrest in Thailand.

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