 |
|
|
Vietnam to sell Dung Quat’s propylene to Marubeni
|
 |
Japanese trading house Marubeni Corporation has signed a contract to purchase up to 150,000 tons of propylene per year from Vietnam’s first oil refinery, Dung Quat, local media reported Friday.
Under the contract signed between Marubeni and Dung Quat’s owner, state oil group Petrovietnam, the Japanese firm would buy all propylene from the refinery between 2009 and 2010, estimated at 75,000 to 150,000 tons per year, before the refinery’s propylene facility is completed in 2010.
The product’s price would be fixed in accordance with free-on-board prices of similar products in Singapore market, the Vietnam News Agency reported. It gave no value of the contract.
The 140,000 barrels a day (bpd) refinery is expected to come on-stream in February next year, meeting about 40 percent of Vietnam’s demand for oil products.
Built at a cost of around US$2.5 billion, it will be able to process 6.5 million tons of crude oil annually
Propylene along with ethylene, together called olefins, are used to make plastics and bottles, especially for the packaging industry.
Source: Agencies
|
|
|
|
|
