PTT and the government of Binh Dinh Province earlier announced the project’s investment amounted to US$28.7 billion. The investment was then scaled down to US$22 billion, prompting doubt about the feasibility of the project, especially when PTT did not reveal the partner and the financial advisor, though PTT is known as a giant oil firm.

But concerns have been eased after the participation of Saudi Aramco in the big-ticket project was announced.

Ly said besides capital contribution, Saudi Aramco is also in charge of supplying crude oil for the refinery.

On Monday, PTT and Saudi Aramco officially presented the feasibility study for the Nhon Hoi refinery and petrochemical project to the Ministry of Industry and Trade.

According to the pre-feasibility study released last year, the project in Nhon Hoi Economic Zone would have a processing capacity of 660,000 barrels per day, equivalent to 30 million tons of crude oil per year.

However, as mentioned in the feasibility study, the capacity has been revised down to 440,000 barrels per day, or 20 million tons per year. The investor said the downwardadjustment aims to make the project more feasible.

PTT does not request any credit guarantee but expects to enjoy the incentives the Government has given to similar oil refining projects in Vietnam such as Dung Quat, Nghi Son and Vung Ro.

According to Ly, the project is now only awaiting final approval from the Prime Minister.

After the feasibility study was presented to the ministry, PTT, Saudi Aramco and leaders of Binh Dinh Province had a meeting with the Prime Minister, who voiced support for the project, Nhon Hoi Economic Zone said on its website.