Thailand-based oil and gas company, Petroleum Authority of Thailand (PTT), is considering to build a $28.7bn oil refinery and petrochemical building in the Binh Dinh province, Vietnam.

The company is planning to build 660,000 barrels per day (bpd) oil refinery in the Nhon Hoi Economic Zone to provide a boost to Vietnam and address the increasing demand for oil products in the Asia-Pacific region.

Dung Quat refinery with a production capacity of 130,000 bpd is Vietnam's only refinery which is able to meet about one third of the total demand for oil products in the country, reported Dow Jones Newswires.

PTT's new project will also include setting up of an aromatics plant. The products are most likely to be exported to the Chinese market.

Crude oil for the refinery will be imported from Middle East.

PTT has approached many Vietnam-based companies regarding partnership offer for its latest project, including PetroVietnam, Petrolimex, Military Petroleum, Vietnam Oil and Gas Group, and Vietnam National Petroleum.

The construction of the project is anticipated to commence in 2016 and is expected to become operational in 2019.

Source: refiningandpetrochemicals