VIETNAM

Oxy, Japanese Firm to Build Plastics Factory: The companies have won approval to build the $109-million project, an official report said. Los Angeles-based Occidental Petroleum Corp.’s Oxychem Co. Division and Japan’s Marubeni Corp. own a 70% share in the joint-venture project, which was licensed by Vietnam’s State Committee for Cooperation and Investment, the state-run Vietnam News Agency reported. Vietnam’s Import-Export Technical Material Supply Co. owns the remaining 30%. The project is the second-biggest of its kind in the country, the report said. The factory will be built in southern Ba Ria-Vung Tau province, home to Vietnam’s oil and gas industry. Plans call for it to have a production capacity of 100,000 tons of polyvinyl chloride plastic and related chemicals each year.