Kazakhstan group says it will build refinery

BTA Development Investment Plc, a financial group from Kazakhstan, announced plans to build an oil refinery in the central province of Binh Dinh, Vietnam. Kanat Kopbayev, vice chairman of BTA, signed a memorandum of understanding (MoU) with Binh Dinh Chairman Vu Hoang Ha to develop the project in the province. The oil refinery project will have an annual capacity of 5 million tons. BTA, or Bank TuranAlem, will invest some US$1 billion in the project, which will be located at the Nhon Hoi Economic Zone. The economic zone has 40 projects with a total investment of US$3.5 billion, including a 5-10 million ton oil refinery project by the Hong Kong General Association of International Investment (HKII). However, the local government is looking for other investors in the oil refinery project as the HKII project appears to have stalled. (October 31, 2006)