Hyosung Group Plans $400 Million Investment in Fuel Production Project at Phu My 2 Industrial Zone

A Korean giant is looking to expand its investment in the production of HVO at Phu My 2 Industrial Park. The expected total investment for the project is $400 million, with a project area of 8.4 hectares.

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On January 31st, the Chairman of the People’s Committee of Nguyễn Văn Thọ Province, along with leaders from various departments and agencies, met with representatives from Hyosung Group to hear a report on an investment project for the production of HVO (also known as renewable diesel, a sustainable aviation fuel produced through the processing of oil and fat with a hydro catalyst) in Phú Mỹ 2 Industrial Park, Phú Mỹ Town.

The project has a total investment capital of nearly $400 million, covering an area of 8.4 hectares. The expected annual production capacity is 234 million tons of sustainable aviation fuel.

Hyosung Group representative presenting a souvenir gift to Chairman of the People’s Committee of Nguyễn Văn Thọ Province.

The Hyosung representative stated that this is one of the projects using new technology in Vietnam, producing environmentally-friendly products by utilizing refined biogenic raw materials such as used cooking oil, fish oil, palm oil, and animal fat. This technology helps reduce carbon emissions by 73-84% compared to conventional fuels. The Hyosung representative also clarified the production processes and commitments to environmental protection during the project implementation and operation.

Regarding the HVO production plant, the Chairman of the People’s Committee of the province expressed support for the implementation of the project, as it uses modern technology and produces green fuel that is environmentally friendly.

“However, this is still a new field in Vietnam, and the implementation must comply with the relevant laws and regulations, especially those related to technology and the environment,” said Nguyễn Văn Thọ.

The Chairman of the People’s Committee assigned the Department of Planning and Investment, the Department of Science and Technology, the Management Board of Industrial Parks, and other related units to study the regulations and support Hyosung Group in completing the investment documents and procedures. At the same time, the company was urged to be proactive and expedite the project progress to ensure that the plant is operational according to the plan.

Vũ Hạo

SOURCEvietstock
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