JavaScript is off. Please enable to view full site.

​Vietnam revokes $3.2 billion oil refinery project license

Thursday, March 08, 2018, 14:11 GMT+7

Vietnam has revoked the investment license for a foreign-owned $3.2-billion oil refinery project in the country’s central province of Phu Yen, a local government official told Reuters on Thursday.

The 160,000-barrel-per-day facility was due to be built through investments from UK-based Technostar Management Ltd and Russia’s Telloil Group to produce liquefied petroleum gas, jet fuel, gasoline and diesel, according to state media.

“The refinery was scheduled to become operational this year, but construction hadn’t started yet,” said Tran Thien Kim, deputy director of the province’s planning and investment department.

The investor failed to deliver on investment pledges as stated in the license, said Kim, who added that the province had informed the companies of the decision.

“They are happy with the decision because it’s in line with their plan to scrap the project due to unfavorable market conditions,” he said.

It is not uncommon for large-scale projects in Vietnam to have investment licenses revoked, often because of strict regulations and requirements from the authorities related to the speed of construction and the environment.

Vietnam has one operational oil refinery which meets around one-third of the country’s demand for fuels.

A second oil refinery will start commercial production from next month.

Reuters

Read more

;

Photos

VIDEOS

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news