TAIF, a major petrochemicals and energy player in Russia, has shown interest in investing in a petrochemical plant in Vietnam’s central coastal province of Khanh Hoa.
If approved, such a project, to be located in the Van Phong Economic Zone, will help form an integrated industrial zone, comprised of a petrochemical plant, an LNG terminal and LNG-fired power plants.
The information was revealed at a meeting between TAIF, GS International Service and Investment JSC and the provincial government on Thursday.
Speaking at the event, Khanh Hoa Chairman Nguyen Tan Tuan welcomed the two firms’ interest and turned a green light to the proposal to conduct studies for such a project.
Tuan also directed the Van Phong Economic Zone management board and other provincial agencies to support the two firms in the next steps.
Before the Thursday meeting, TAIF and GS International Service and Investment JSC on May 25 had met with authorities of Ninh Thuan central province to explore investment opportunities there. However, no further details were revealed later on.
Established in 1995 in the Russian Republic of Tatarstan, TAIF majors in petrochemicals, energy, chemicals, seaports in Russia. It accounted for 64% and 28% of Russia's 2020 total output of rubbers and plastics, respectively.
According to Forbes, TAIF had total assets of $22 billion as of end-2020, ranking 13th in Russia.