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Vietnam sees rising number of oil, petchem projects

Vietnam hopes to cut imports of petroleum products and petrochemicals in the future as more oil refining and petrochemical projects will be built in the country in the future. State-controlled Vietnam Oil and Gas (Petrovietnam) is planning a petroleum refinery project able to handle 148,000 barrels per day of crude oil. The refinery will churn out 150,000 tons per year of polypropylene. With the launch scheduled for the first quarter of 2009, foreign investors are being lured to manufacture chlorine, caustic soda, synthetic rubber and purified terephthalic acid and other derivatives. Government approval was granted to PetroVietnam and Idemitsu Kosan to set up an oil refinery capable of processing 170,000 barrels per day of crude oil in the spring of 2007. (September 6, 2007)