Vietnam Oil and Gas Group (PVN) officially received the Polypropylene Production Plant, the first petrochemical factory in Vietnam, in the central province of Quang Ngai Wednesday morning.
The plant was handed over by South Korean contractor Huyndai Engineering and Construction Company (HEC).
The US$234 million plant, located on an area of 16 hectares, has a capacity of 150,000 tons a year.
It uses propylene obtained from the Dung Quat Oil Refinery to make PP beads for manufacture of household plastic products as well as in the automobile industry.
As of now, the plant has sold almost the 12,500 tons of beads it produced.
It is calculated that the plant will yield a total turnover of US$170-200 million a year when it can stabilize operation.
The PVN has tasked Binh Son Oil Refining and Petrochemical Company to manage and operate the plant as a part of Dung Quat Oil Refinery.
