On the occasion of the Vietnamese stage that anticipates the Renzi Government's mission to China, SACE announces an important operation which envisages the involvement of Italian companies in the construction of one of the most technologically advanced petrochemical plants in Asia.
SACE has guaranteed a 200 million dollar loan granted by a pool of international banks in favor of joint venture Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP), for the construction of a refinery and a petrochemical complex greenfield in the Vietnamese province of Thanh Hoa, 200 kilometers south of Hanoi.
The amount guaranteed by SACE will be used to finance supplies assigned to over twenty Italian SMEs active in the production of equipment for the oil & gas industry, under a contract Engineering, procurement and construction.
The Nghi Son complex involves the construction of a refinery and a petrochemical plant greenfield with a production capacity of 200.000 barrels per day, with a total value of approximately 9 billion dollars. The project has strategic importance for Vietnam because it will make it possible to reduce energy dependence from abroad, from imports know-how and technologies not present in the country, as well as creating new jobs linked to the development of related industries.
The project also benefits from the support of the Vietnamese government which will build infrastructure and utilities, will intervene through tax relief and to guarantee the purchases of refined products by the national oil company PVN.
Once operational, the Nghi Son complex will be one of the most technologically advanced refineries in Asia, enabling the production of refined products (gasoline, diesel and jet fuel) destined for the domestic market to meet the growing energy demand, but also petrochemical products destined for export to China and throughout South-East Asia.
NSRP is a joint venture between Japanese energy companies Idemitsu Kosan and Mitsui Chemicals, Kuwait's state oil company Kuwait Petroleum Corporation (which will supply the plant's crude) and Vietnam's Petrovietnam, set up to build on project finance the Nghi Son complex.
