Deputy PM entrusted the investor, the Vietnam National Petroleum Corp., or Petrolimex, with the carrying out of the investment project and producing a feasibility report. He stressed that due attention must be paid to the project’s environmental impact, use of technological advances, its capital structure and the selection of partners, particularly regarding the supply of crude oil.

Hai also urged the People’s Committee of Khanh Hoa province and the Van Phong Economic Zone Management Board to prepare necessary documents to submit to appropriate authorities and the Government, adjusting the province’s socio-economic development plan, land-use plan, seaport system plan to include the project. He also requested that they support the investor in its preparations for the investment project and clear the proposed site.

To date, Vietnam has planned 7 refinery projects with a total output capacity of 60-70 million tonnes per year. However, only the Dung Quat refinery is ready to commence operations, the deputy PM said.

Vietnam’s fuel consumption per capita is currently relatively low, yet still, the supply of petrochemical products fails to meet demand, which is increasing rapidly, which emphasises the necessity of effective implementation of the Nam Van Phong Petrochemical and Refinery Complex project.

Deputy PM Hai said the State, however, is only prepared to fund up to 30 percent of the project’s investment capital as the project is not classified as being one of national importance.