Photo: VOV

PANO – The Petrovietnam Petrochemical & Textile Fiber Joint Stock Company (PVTex), a member of the Vietnam Oil and Gas Group (Petrovietnam), and partners, today, held a ground breaking ceremony to build the Dinh Vu Polyester Plant in Hai Phong.

On the occasion, the company also launched an emulation campaign and an arrangement for loans in principle.

This is the first polyester plant built in the North with advanced technology and modern equipment. The US $324.85 million plant will churn out 500 tonnes of products a day (or 175.000 tonnes a year).

The plant will be built in 25 months on an area of 15 hectares at the Dinh Vu Industrial Zone.

The Dinh Vu polyester plant is expected to supply adequate raw materials for Vietnam’s textile and garment industry.

As a result, it will help save foreign currencies, increase the value of crude oil, and make petrochemical products diversified. It will also help drive future development of the polyester fiber industry, create jobs, contribute its part to stimulate economic growth, attract investment, and promote the industrialization and modernization process in Haiphong.

The Dinh Vu Polyester Plant Project includes technical and supporting worshops; facilities inside the plant; and pipelines of liquid feedstock, of Mono Ethylene Glycon (MEG), from the jetty of Dinh Vu Industrial Zone to the plant.

According tothe contract for Engineering – Procurement – Construction (EPC), signed on 14 May 2009 by PVTex and the Consortium of constractors: Hyundai Engineering Co., Ltd – LG International Corp., - and Petrovietnam Construction J.S Corp., (HEC-LGI-PVC); the Scope of work assigned to the Consortium covers Detailed Engineering, Procurement; Construction and Installation; Commissioning, Performance Testing;Acceptance and Hand-over proceduresfor the Owner to operate.

In addition, the Consortium must also train O&M workers for the owner, supply materials, chemical substances, catalysts, and spare parts during the first years of operation. The plant will be completed and handed over to the owner by July 2011.

The loan arrangement in principle, made by PVTex and the Bank for Investment and Development (BIDV), Petrovietnam Joint Stock Finance Corporation (PVFC), will ensure sources of funding, efficiency and schedulesfor the project.

With a slogan of emulation ”Glory belongs to people who keep an appointment”, launched by the Petrovietnam Labour Union, a representative of PVTex and the Consortium HEC-LGI-PVC have signed an agreement to gather all efforts to implement the project in order to meet the requirements of safety, schedules, high-quality and efficiency, and to fully comply with the terms and conditions signed in the EPC contract, to ensure completion and hand-over of the plant to the owner by July 2011, and to make active contributions to implement urgent solutions to prevent economic recession, to stabilize the macro-economy and to ensure social security.

Also at the ceremony, Petrovietnam granted Hai Phong VND 4 billion, raised by Petrovietnam’s staff to build a commemoration house for Nguyen Duc Canh, a communist soldier, the first leader of Vietnam Labour Union.

Mai Huong