Vn Malaysia oil 26aug02
vna
VIET NAM-MALAYSIA OIL AND GAS
JOINT VENTURE THRIVES
Ba Ria-Vung Tau, Aug. 26 (VNA) -- The Phu My Plastic and Chemical
(PMPC) plant, a joint venture between Malaysia's Petronas, PetroVietnam and the
Ba Ria-Vung Tau Provincial Trade Company, has turned out its first batch of
polyvinyl chroride (PVC) under the trademark of Polivinas.
The 70-million-USD JV, the first of its kind in the field of
petrochemistry located in the southern coastal province of Ba Ria-Vung Tau, is
expected to sell its products in the domestic market next October.
PMPC's products will gradually replace imports of the same kind and
be exported in the future, thus contributing to the country's foreign currency
earning, says Le Thanh Phong, PMPC Deputy General Director.
The operation of the plant will help the locality in training a
contingent of skilled workers.
In its initial stage of operation, the plant will annually turn out
100,000 tonnes of PVC for the production of plastic pipes, other plastic
products, and electric cables.
Petronas is also a party to oil and gas exploitation and product-
sharing contracts at lot 01 and lot 02 off-shore the Ba Ria-Vung Tau province
and a co-developer of the Hong Ngoc (Ruby) oilfield.
It has exploited and sold more than 30 million barrels of crude oil,
earning more than 600 million USD.
Petronas has also entered into a joint venture with Vietgas, an
affiliate of PetroViet Nam, to establish the Thang Long Gas Company, which
specialises in processing and distributing oil and gas products.
PMPC General Director Kalantar said Petronas will further make use
of its available advantages and opportunities to increase the value of Viet
Nam's oil and gas resources.--Enditem