Prime Minister Nguyen Tan Dung has decided to include the Victory-NhonHoi petrochemical and oil refinery project in the petrol sector’s plan.
The 22 billion USD project is listed among those receiving priority from the Government, reported the news site vnexpress.
The project, to be located in central Binh Dinh province's Nhon HoiEconomic Zone, is to be funded by the Petroleum Authority of Thailand(PTT) and its strategic partner, the Saudi Arabian oil company SaudiAramco.
The Government has given a nod in investment prioritiesto the project, which were suggested by the province's leaders and theMinistry of Finance.
In a meeting held last week between localauthorities and leaders of ministries and sectors to discuss issuesrelated to the project, Chairman of the provincial People's Committee HoQuoc Dung said he will work with PTT's representatives to complete theinvestment licence, which is scheduled to be issued in February thisyear.
Accordingly, the Nhon Hoi project will enjoy favourableassistance in difficult regions, high-tech industrial zones and economiczones. The project will also enjoy a tax-free status for the first fouryears, while taxes for the next nine years will be reduced by half. Itwill also be exempted from land leasing taxes and the tax on importedcrude oil, as well as on imports of machinery and equipment which arenot manufactured domestically.
When the refinery comes intooperation in 2017, its products will also be sold in Vietnam. Yet,the Government has set no specific tax on the importation of the NhonHoi factory's products.
The project's first phase is estimated to be valued at 21.5 billion USD to produce some 400,000 barrels per day.-VNA
The 22 billion USD project is listed among those receiving priority from the Government, reported the news site vnexpress.
The project, to be located in central Binh Dinh province's Nhon HoiEconomic Zone, is to be funded by the Petroleum Authority of Thailand(PTT) and its strategic partner, the Saudi Arabian oil company SaudiAramco.
The Government has given a nod in investment prioritiesto the project, which were suggested by the province's leaders and theMinistry of Finance.
In a meeting held last week between localauthorities and leaders of ministries and sectors to discuss issuesrelated to the project, Chairman of the provincial People's Committee HoQuoc Dung said he will work with PTT's representatives to complete theinvestment licence, which is scheduled to be issued in February thisyear.
Accordingly, the Nhon Hoi project will enjoy favourableassistance in difficult regions, high-tech industrial zones and economiczones. The project will also enjoy a tax-free status for the first fouryears, while taxes for the next nine years will be reduced by half. Itwill also be exempted from land leasing taxes and the tax on importedcrude oil, as well as on imports of machinery and equipment which arenot manufactured domestically.
When the refinery comes intooperation in 2017, its products will also be sold in Vietnam. Yet,the Government has set no specific tax on the importation of the NhonHoi factory's products.
The project's first phase is estimated to be valued at 21.5 billion USD to produce some 400,000 barrels per day.-VNA
