“Mysterious” billionaire wants to invest in $27 billion oil refinery

VietNamNet Bridge – Mr. Thureign Augn was introduced by PTT Thailand as a Saudi prince, billionaire, and also a potential investor in the super-petrochemical project which was just kicked off in Nhon Hoi, Binh Dinh province.

“After being proposed to participate in the Nhon Hoi oil refinery project of PTT, we have accepted and committed to support investment because we see the potential of the project from the input as well as the output of this petrochemical complex in the near future,” Thureign Augn said at the ceremony.

Along with the title “prince, billionaire,” Thureign Augn was also introduced as the president of a bank called Hypo Commerce Bank.

Chairman of Binh Dinh Province – Mr. Le Huu Loc confirmed with VNE that Augn is an “Arabian billionaire who is not only rich in financial resources but also in experience in oil-refining business.”

He also said that Augn is the strategic partner of Khang Thong Group (Thailand) – a major investor in Nhon Hoi Economic Zone. Khang Thong Group itself also intends to participate in the $27 billion refinery project, contributing 600 ha of “clean land.”

Khang Thong was known with the $2 billion Happy Land amusement park, which was launched two years ago. Happy Land invited Michael Jackson’s father to participate in but last year he withdrew.

Being formally introduced, the information about the above billionaire and his bank is almost nothing in the mass media. His name also does not appear in the Saudi royal family tree. That’s not to mention the name Thureign Augn is quite different from the Saudi royal family. Thus, the identity and financial capacity of this investor is still a mystery.

The ability to call for capital as well as the scale of Nhon Hoi petrochemical project has been a public concern and recently it was cleared somewhat when the PTT proved that it has many international partners interested in the project. Chairman of Binh Dinh said he believed in the position and project implementation capacity of this group.

According to PTT’s plan, Nhon Hoi will have a total investment of $25-30 billion. In particular, PTT will contribute about 40 percent of capital; the remaining capital will be raised from potential partners in the Middle East, South Korea, Japan and also Vietnam. The plant’s sources of crude oil will be imported from the Middle East, West Africa and Latin America. Its products will be exported to Asian markets (Japan, South Korea and China).

The plant has a total processing capacity of 660,000 barrels, or 33 million tons of petrochemical products per year and it will directly employ from 10,000 to 30,000 and 100,000 indirect employees of Binh Dinh and surrounding areas.

PTT chose McKinsey (U.S.) as strategic management consulting company, Foster Wheeler (British) as technical adviser and IHS (U.S.) as business consultant.

Binh Dinh has also established the consultant group for the project with local experts such as Dr. Tran Du Lich, Truong Dinh Tuyen, Man Ngoc Ly …

On August 20, the delegation of Songkla University (Thailand), the unit selected by PTT also signed with the University of Quy Nhon on the human resource training plan for Nhon Hoi.