Thai plant in Vietnam
Thai industrial conglomerate Siam Cement is investing $3.77bn to build a petrochemical plant in Vietnam’s southern province of Ba Ria-Vung Tau. The project is due for completion in the second quarter of 2013. The Vietnam-based partners in the venture are PetroVietnam and Vietnam National Chemical Corporation. Siam Cement subsidiaries would own 71% of the complex, and the two Vietnamese firms would hold the rest.
COAL, OIL & GAS
Sinopec to sign Vietnam deal
Asia’s leading oil refining company Sinopec will sign a joint venture with Vietnam’s Petrolimex to invest in a $4.5bn in a petrochemical complex and refinery in Vietnam’s Khanh Hoa province. The refinery is expected to have an annual processing capacity of 10 million tonnes of crude and will import the crude oil as a feed from Singapore or the Middle East. Vietnam’s first such facility is scheduled to operate from early 2009.
UK firm drills off Borneo
UK-based Salamander Energy has started drilling operations in the Philippines at the Lumba Lumba-1 exploration well in permit SC41, in the Sandakan Basin, offshore northeast of Borneo. Salamander holds a 35% interest in SC41. The company is engaged in oil and gas exploration and production with a focus on building a portfolio of assets in south-east Asia.
Fresh offices for Zurich
Zurich Financial Services’s emerging markets group has strengthened its capacity by opening an office in Beijing as well as additional offices across Asia, continental Europe and the Americas to better serve the needs of brokers and customers involved in emerging markets. Zurich underwrites political risk and trade credit insurance in emerging markets for financial institutions, multinational corporations, investors, exporters and infrastructure developers.
FTG resorts to Kazakhstan
Emirati firm FTG Development is investing $1.5bn in Kazakhstan in a hotel, casino and recreational complex at a 1000-hectare resort area. The first part of the seven-phase project is scheduled to be completed in about two years. FTG Development and BF Global of Astana, Kazakhstan, are the joint venture developers. The first phase will include two hotels with a total of 750 hotel rooms and 100 villas, and two casinos over a total of 7500 square metres. When completed between 2020 and 2022, the project at Borobaye Lakes Resort will have six hotels, six casinos, two championship golf courses, residences and a variety of recreational and leisure facilities.
This investment news and data has been generated by fDi Markets, a crossborder investment tracking service that is part of the Financial Times Ltd's fDi Intelligence division www.fdiintelligence.com
Asia FDI, 2008 (number of jobs)
Source: fDi Intelligence