The US$22-billion Victory project, to be located in Binh Dinh's Nhon Hoi Economic Zone, is a joint proposal by the Petroleum Authority of Thailand (PTT) and its strategic partner, the Saudi Arabian oil company Saudi Aramco. — Photo Vnexpress

BINH DINH (Biz Hub) — The feasibility study of the Victory petrochemical and oil refinery project has been approved, a top official of the coastal province of Binh Dinh's People's Committee announced yesterday.

According to Ho Quoc Dung, Standing Vice-Chairman of the province's People's Committee, the study was approved after 16 members of the Ministry of Industries and Trade's Assessment Council voted on the issue on September 30 in Ha Noi.

"This is an important basis for the concerned ministries and sectors for submitting the project proposal to the Prime Minister for approval," Dung said.

The US$22-billion Victory project, to be located in Binh Dinh's Nhon Hoi Economic Zone, is a joint proposal by the Petroleum Authority of Thailand (PTT) and its strategic partner, the Saudi Arabian oil company Saudi Aramco.

Dung said that the participation of a large company such as Saudi Aramco improved the feasibility of the project because it can help ensure crude oil resources for the refinery complex.

"The project will help socio-economic development and increase the gross domestic product (GDP) of Binh Dinh and of the nation as well," Dung said.

The construction of the project and its production is scheduled to start in 2016 and 2021 respectively. — VNS