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A consortium will soon start building a $9 billion refinery and chemical complex in northern Vietnam. The consortium decided to go ahead after securing $5 billion in financing from Japanese and South Korean export promotion banks. Set to open in 2017, the project will be owned 35% by Kuwait Petroleum, 35% by Japan’s Idemitsu Kosan, 25% by PetroVietnam, and 5% by Mitsui Chemicals. The refinery will feature large p-xylene and polypropylene plants. Mitsui Chemicals plans to buy the refinery’s aromatics stream to feed its phenol and purified terephthalic acid plants.
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