By MARI IWATA
TOKYO -- Marubeni Corp. has signed a long-term contract with the Nghi Son refinery joint venture in Vietnam to buy part of the polypropylene and sulfur the refinery plans to produce, the Japanese trading company said in a statement.
Marubeni didn't specify the volumes of the intake or duration of the contract.
Most of the polypropylene and sulfur will be sold for use in Vietnam's domestic market, the statement said.
The $9 billion Nghi Son refinery, to be located 180 km south of Hanoi, will have a refining capacity of 200,000 bpd. It is slated to start commercial operations in the second quarter of 2017 and will produce 700,000 metric tons of paraxylene, 240,000 tons of benzene, 370,000 tons of polypropylene and an unspecified amount of sulfur annually.
Idemitsu Kosan and Kuwait Petroleum International each owns a 35.1% stake in the project. Petrovietnam, and Mitsui Chemicals own 25.1% and 4.7%, respectively.
Dow Jones Newswires