Igor Soglayev, General Director of the Russian Rosneft Oil and Gas Group’s Sarvors Company, has led a delegation on a fact-finding tour of Binh Dinh province’s Nhon Hoi Oil Refinery Project.
At a November 1 working session with the project’s main contractor Petroleum Group of Thailand (PTT), Soglayev announced Rosneft’s intention to become one of PTT’s strategic partners.
Rosneft is one of the world’s leading petroleum groups, earning annual profits of US$2.8 billion and boasting a processing capacity of 250 million tonnes of oil per year.
Soglayev voiced concerns about the transparency of Nhon Hoi Economic Zone’s investment incentives, infrastructure, and working conditions.
He said the project will demand at least US$25 billion in investment and employ 20,000–30,000 regular workers. Such a substantial commitment needs the complete support of the Government and Binh Dinh provincial authorities.
The project should enter operation in 2018, he suggested.
Soglayev revealed Rosneft President Igor Sechin will accompany Russian President Vladimir Putin on his forthcoming visit to Vietnam.
Binh Dinh Provincial People’s Committee Chairman Le Huu Loc did his best to address all of Soglayev’s concerns.
Loc said the province’s infrastructure and natural conditions are well suited to oil refinery projects.
Quy Nhon University has signed a cooperative agreement with Thailand’s Songkla University to train workers for the project.
PTT is trying to complete all bureaucratic procedures and regulatory formalities for an April 2013 submission to relevant agencies.
It estimates the project will cost around US$28 billion and is calling for investment partners.
The Nhon Hoi Oil Refinery will be one of Asia’s largest upon completion.