Thailand’s PTT receives final approval for its refinery project
Construction of the $22 billion project is expected to be completed by 2021 and will be evenly funded by PTT and Saudi Aramco. Vietnam will support the project and provide some incentives to the Thai company, including abolishment of import duties for crude oil for the project and corporate taxes for the first years of operation.
As a part of the project, the petrochemical complex will have production capacity of 2 million tons/year of aromatics and 2.9 million tons/year of olefins. The naphtha and LGP output of the refinery will be used for petrochemical plants while 50% of the refinery output will be reserved for domestic use.
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