Ho Chi Minh City, March 29th, 2014- PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo – stock code DPM) – producer and trader of Phu My fertilizer products and Toyo-Vietnam Corporation Limited (TVC) entered into an EPC contract worth VND400 billion to build the UFC85/Formaldehyde Workshop.
Accordingly, UFC85/Formaldehyde Workshop will be built in 19 months within Phu My Fertilizer Plant’s area and has a designed capacity of 15,000 tons/year for UFC85 or 25,000 tons/year for converted Formaldehyde 37% kl (also known as Formalin). The project will apply the methanol oxidation technology using metal oxidation catalyst (the common and state-of-the-art technology at present) from the technology licensor, Haldor Topsoe.
When put into operation with alternate production mode, the workshop each year will produce and supply 7,000 tons UFC85 and 13,000 tons Formalin to the local market. UFC85 and Formalin are important additives in the formation of urea particles, resisting block freezing, strengthening product stiffness, reducing the ratios of broken, wet particles, deposits, and preventing the leaf scorch symptom in fertilizing.
Addressing the ceremony, Mr. Cao Hoai Duong – PVFCCo’s President & CEO said: “At present, all urea producers in Vietnam import UFC 85 or Formalin from the Middle East. Given a wide range of impact factors, such as long distance in transportation, fluctuation in weather, price, complicated geo-political situation, etc. the supply resources are passive, sometimes interrupted, which affects the production. This UFC85/Formaldehyde Workshop will help us take the initiative in the local supply resources and become more active in nitrogenous fertilizer production. Meanwhile, at the price of US$800/ton for UFC85 and US$500/ton for Formalin, the product sale of this project will significantly contribute to the revenues and profits of PVFCCo in the coming time.”
The UFC85/Formaldehyde production Workshop project marks an important development milestone of PVFCCo in the field of chemicals. Together with this project, PVFCCo is also actively deploying other projects in fertilizers and chemicals aiming at product diversification and sustainable development in the long term, realizing the goal of becoming the leading producer and trader of fertilizer products and chemicals in Vietnam and in the region.
General information onPetroVietnam Fertilizer and Chemicals Corporation
PetroVietnam Fertilizer and Chemicals Company was established under the Decision No. 02/2003/QD-VPCP dated 03/28/2003 of the Minister, Chairman of the Government Office and officially came into operation from 01/19/2004. The Company has been transformed into PetroVietnam Fertilizer and Chemicals Joint Stock Company since the end of 2007 and its DPM stocks were officially listed in the Ho Chi Minh City Securities Exchange on 05/11/2007. On15/05/2008, PetroVietnam Fertilizer and Chemicals Companywas officially renamed as PetroVietnam Fertilizer and Chemicals Corporation(PVFCCo in brief), operating under the parent company – subsidiary model. The Corporation currently manages and operates Phu My Fertilizer Plant with the capacity of 800,000 tons/year in Ba Ria – Vung Tau, meeting about 40% urea demand of the market and expanding its business operation in an attempt to become the leader of fertilizer and chemicals production and trading in Vietnam and the region.
General information onToyo-Vietnam Corporation Limited:
As a member of Toyo Group, whose parent company is Toyo-Thai Corporation Ltd., one of the leading general technology companies in Thailand, Toyo-Vietnam Corporation Limited (TVC) is specialized in contracting of technical consultancy, design, and construction of factories in the fields of chemicals, petrochemistry, fertilizers and environment, etc.
Established in 1997,up to present, TVC has vast experience and strong advantages in project management consultancy, construction management, survey, design, procurement of equipment &materials and construction, test and pre-test, engineering, procurement and construction (EPC) for industrial and civil construction works. In additions, TVC also has the team of engineers highly qualified in technology, construction and project management, thanks to its hands-on experience in big projects, both domestic and overseas.
