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Petrovietnam to invest $900 mln in fertiliser plant

Tue May 6, 2008 10:47pm EDT

HANOI, May 7 (Reuters) - State oil monopoly Petrovietnam will invest $900 million in a second fertiliser plant to make use of its vast natural gas reserves, the Vietnamese government said on Wednesday.

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The plant, to be located in the southern province of Ca Mau, will have an annual capacity of 800,000 tonnes and use natural gas feedstock from the offshore PM3-CAA gas block, the government said in a report on its Web site (www.chinhphu.vn).

This week Petrovietnam finalised a contract with China's National Machinery Import and Export Corp to build the Ca Mau plant.

Petrovietnam already operates the Phu My fertiliser plant DPM.HM which has an annual capacity of 740,000 tonnes.

The Southeast Asian country has vast natural gas reserves located off its southern coast, estimated at around 25 trillion cubic feet of recoverable gas, based on Petrovietnam data. (Reporting by Nguyen Nhat Lam; Editing by Alan Raybould)

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