Local-foreign consortium to develop fertilizer complex
PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo) has awarded an engineering, procurement and construction (EPC) contract to a consortium of local and foreign firms to develop a fertilizer complex in Ba Ria-Vung Tau (BR-VT) Province.
The complex comprises an NPK fertilizer plant and an ammonia extension facility in an area of 15 hectares in Phu My 1 Industrial Park in the southern province. The project has a total investment of VND5 trillion (some US$237 million).
Bank loans will account for 70% of the capital and the remainder will be covered by the investor, Vietnam News Agency reports. The project will be executed by the consortium grouping Technip Group, ThyssenKrupp Industrial Solutions and Petroleum Technical Services Company (PTSC) in line with terms of the EPC contract the two sides inked in Hanoi recently.
The project will help increase the annual production capacity of the current ammonia facility to 540,000 tons from the current 450,000 tons. The additional ammonia will be provided for the NPK fertilizer plant and other fertilizer manufacturers on the domestic market.
The NPK plant costs nearly VND2.11 trillion and will use technology of Spain’s Incro SA to produce 250,000 tons a year for domestic sale and export. Meanwhile, the ammonia facility has capital of more than VND2.87 trillion.
Cao Hoai Duong, general director of PVFCCo, said the corporation has selected major contractors and European technology to ensure the complex will be commissioned as scheduled and turn out international-standard products.
The consortium pledged to carry out the project within 26 months as scheduled and put in into operation in July 2017.
Vietnamese oil giant PetroVietnam said it would assist the investor and contractors in implementing the major project of the oil and gas sector.