Mitsui & Co. Ltd. has joined forces with Petroleum Authority of Thailand (PTT) in a bid to build Viet Nam's first natural gas processing plant.
Petrovietnam Chairman Truong Thien said PTT and Mitsui would together take a 70% interest in the proposed $300 million project, with the Vietnamese state oil company taking the remaining 30% (OGJ, Dec. 30, 1991, p. 26).
Although Petrovietnam considers the PTT-Mitsui combine a strong contender, Truong said, negotiations are continuing with a Canadian group over a competing proposal. He did not disclose identity of the Canadian interests or details of their proposal.
Petrovietnam expects to complete evaluation of the PTT-Mitsui bid in the second quarter.
The plant, to be built at Vung Tao near Ho Chi Minh City, will process associated gas moved via pipeline from Bach Ho (White Tiger) oil field 120 km off Vung Tao. Bach Ho, under development by a joint venture created by Viet Nam and the former U.S.S.R., produces about 70, 000 b/d of oil and 70 MMcfd of gas that is being flared. The plant would have capacity to produce 150,000-200,000 tons/year of liquefied petroleum gas, all of which PTT proposes to import.
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