Marubeni, Petronas tie up

Marubeni, Petronas tie up

HANOI (AFP): Japan's Marubeni Corp. said yesterday it had received a license to team up with Malaysia's state-owned oil company Petronas and Vietnamese partners to build a 70-million- dollar polyvinyl chloride (PVC) plant in southern Vietnam.

Trinh Lien, manager of plastic and chemical projects at Marubeni's Ho Chi Minh City representative office, told AFP Marubeni would take a 30 percent stake in the joint venture project and Petronas 40 percent.

Two local companies, state-owned PetroVietnam Gas Co and Tramatsuco controlled by the People's Committee of Ba Ria-Vung Tau province would each take 15 percent, she said.

The project is licensed for 30 years with construction beginning by 1998 and production expected to begin in 1999 at the site near the Ba Ria-Vung Tau port 70 kilometers (43 miles) southeast of Ho Chi Minh City.