Hanoi highest tower won’t use State budget

29 Mar
VNREConstruction of the 79-storey Oil and Gas Tower, which will be Hanoi’s tallest building, will not use any capital from the State budget, affirmed its investor, the PetroVietnam Construction Joint Stock Company (PVX).

PVX General Director Vu Duc Thuan made the statement at a press briefing in Hanoi on March 27, denying rumours that the project will be partly funded by capital from the State budget and the National Oil and Gas Group (PetroVietnam), which holds a 40 percent stake in PVX.

According to Thuan, the building will have only 79 storeys instead of the originally-planned 102 storeys and as a result, the estimated cost will drop from over US$1 billion to US$600 million.

Thuan said that when the project’s feasibility study is approved, PVX will set up the Oil and Gas Tower Joint Stock Company to arrange capital and carry out the project. Capital for the project is expected to be sourced from PVX and domestic and foreign partners.

PVX will joint the Hansin firm from the Republic of Korea and Samsung C&T, both of which have experience in constructing buildings over 70 storeys.

The project’s final design will be announced on March 30 after an international competition. The Oil and Gas Tower will be built on 6.5 ha in Me Tri commune, Tu Liem district, Hanoi. It will be built using modern and environmentally- friendly technology and be able to withstand earthquakes up to 6 on the Richter scale.

Source: VOV News

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