It is one of the company's six overseas refining and chemical, storage and logistics investment projects as of 2019, including YASREF in Saudi Arabia, a Krasnoyarskiy nitrile rubber (NBR) JV project in Russia, a lubricants plant and supporting jetty project in Singapore, a Fujairah storage project in UAE and a VESTA storage project in the Netherlands.

Under the project, it said, a coal fired power plant, transfer platform in deep sea and private jetty, device and machine manufacture, logistics and distributions, cement and building materials and steel structure fabrication will be developed.