PetroVietnam – the representative unit of PVTex – affirms that the the contract between Binh Son Refining and Petrochemical Co., Ltd. and PVTex to buy PP (Polypropylene) plastics for production at the Dinh Vu polyester plant is fully legal. Workers at Dinh Vu polyester plant of PVTex PetroVietnam is concerned about allegations being made against them. Despite the fact that none of these allegations contained actual details, PetroVietnam feels that it’s necessary to clarify that these allegations appearing across the media are completely unfounded. The Dinh Vu polyester plant came into commercial operation in May 2014 with a capacity of 236 tonnes of polyester fibre and yarn per day, equalling 48 per cent of its designed capacity. However, the factory had to suspend operations numerous times due to unsold products piling up. It is one of the 12 projects under the Ministry of Industry and Trade incurring trillion-dong losses. In order to deal with the above problem, in September 2017, PetroVietnam and PVTex started to look for partners to resume the operation of the factory. As the result, in December 2017, PetroVietnam and Reliance Industry Company from India decided to co-operate with PetroVietnam to restart the plant. Accordingly, Reliance would provide personnel for maintenance, material supply, and sales operations, among others. In addition, in late December, PVTex continued looking for more partners to expand the factory. The published information complied with the regulations. In January 2018, only the joint venture of An Phat Holdings, Fortrec Chemical, and Reliance Pte., Ltd. (APH… [Read full story]
Leave a Reply