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Group plans Vietnam refinery, petrochemical complex

Eric Watkins
Senior Correspondent

LOS ANGELES, Mar. 28 -- Japan's Idemitsu Kosan Co. and Mitsui Chemicals Inc. will join Kuwait Petroleum International and Petrovietnam to build a ¥600 billion petrochemical complex in Vietnam that will include a 200,000 b/d refinery.

The facility is due to come online in 2013. Feedstock crude will be sourced from Kuwait and fields off Vietnam.

Idemitsu plans to sell the refinery's products in Vietnam and other Asian countries, while Mitsui Chemicals will obtain raw materials for synthetic fiber from the petrochemical plant, processing them at its factories across Asia.

Pending government approval, the partners will set up a joint venture with the two Japanese firms holding a 40% stake and KPI and Petrovietnam holding the remaining 60%.

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