PVN cooperates with partners to produce polyester

Attendants included executive members of PVN’s Member Council, PVN General Director Nguyen Vu Truong Son, Deputy General Director Le Manh Hung and Deputy General Director Nguyen Sinh Khang, leaders of the PetroVietnam Petrochemical and Textile Fiber Joint Stock Company (PVTEX), and PVN’s departments.

Following the guidance of the government and the Ministry of Industry and Trade, since 2016, PVN and its member unit, PVTEX, the investor of the Dinh Vu Polyester Plant, have looked for domestic and foreign partners who are willing to cooperate with them to resume the plant’s operations.

In mid-March 2017, PVN and PVTEX found a foreign partner that is a world leading fiber and polyester manufacturer, with annual output reaching 3.5 million tonnes in 2016. Following discussions in August 2017, PVN and this foreign partner agreed to sign comprehensive cooperation agreements with potential domestic and foreign partners in the fields of petrochemicals, oil refining and polyester manufacturing, as well as in resuming the Dinh Vu Polyester Plant’s operations.

Before signing the agreements, the foreign partner sent seven specialists to the Dinh Vu Polyester Plant in Hai Phong to assess the actual condition of machinery and equipment at the plant. Assessment results show that all types of machinery and equipment at the plant have been well preserved and remain in a good condition, so the plant can resume operations after no more than two months.

After signing the agreements, the foreign partner will continue making technical and financial assessments, and, together with domestic partners, propose a detailed cooperation plan. The foreign partner will assist PVTEX in quality management and technical staff and worker training, supply PVTEX with materials at market prices, and work with domestic partners to resume the Dinh Vu Polyester Plant’s operations.

PVN intends to reduce its capital contribution at PVTEX, and the foreign partner will take into account the acquisition of PVN’s capital contribution at PVTEX.