State-owned PetroVietnam is hoping to begin commercial operations at the long-delayed 175,000 mt/year polyester synthetic fiber plant in the northern city of Hai Phong in November, company chairman Phung Dinh Thuc said Monday.
Trial runs at the $325 million plant, located in the Dinh Vu industrial zone, began on July 21 last year and the plant was first scheduled to begin commercial operations in August last year, Platts reported previously.
But technical glitches during the trial runs have resulted in commercial operations being delayed several times.
Thuc said at a press briefing Monday that the plant's main contractor, South Korea's Hyundai Engineering, has not yet fixed all the glitches but is hoping to do so shortly. However, Thuc added that if the contractor needs more time, the startup of commercial operations will be delayed again.
The polyester synthetic fibers produced during the trial runs were close to the company's quality specifications, and have all been sold in the domestic market, Thuc said.
PetroVietnam and two of its subsidiaries together have an 81% stake in the plant, with state-owned Vietnam National Textile and Garment Group holding 14% and local company Phongphu Textile holding 5%.
The plant is expected to meet about 30-40% of Vietnamese demand, and generate $300 million in revenue each year.
