KL-Hanoi plastic JV starts

Tue, 03 Jul 2001 | Source: AFP

KUALA LUMPUR (AFP): Malaysian national oil company Petronas said Monday that construction of a US$70-million joint venture plastics plant in Vietnam has begun.

Petroliam Nasional Bhd. (Petronas) holds a 50 percent stake in Phu My Plastics and Chemicals Co. Ltd. (PMPC), which is located in the Baria-Vung Tao province south-east of Ho Chi Minh City.

The other shareholders in PMPC are PetroVietnam with a 43 percent stake and Tramatsuco, the trading arm of the People's Committee of the Baria-Vung Tau Province, with seven percent.

The polyvinyl chloride (PVC) plant will have an annual production capacity of 100,000 tons and is scheduled to be completed by the third quarter of next year, Petronas said in a statement.

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