VietNamNet Bridge - Three years have elapsed since the day Kien and many other bankers were charged with swindling. Some of them have fulfilled their judgment execution and returned to business. However, there still exist unsettled debts. Before undergoing restructuring, ACB (Asia Commercial Bank) in 2011 was considered the bank which had the largest total assets and biggest outstanding loans. It was also listed among the banks with good financial health, high profitability and low bad debt ratio. However, people’s thought about the bank changed after August 20, 2012, when Nguyen Duc Kien was arrested and accused of many charges. Nguyen Duc Kien, former vice president of ACB and former deputy chair of ACB’s founding council, has been sentenced to 30-years imprisonment. Besides illegal business activity, Nguyen Duc Kien, or ‘Mogul Kien’, has been prosecuted on two more counts of intentionally acting against state regulations causing serious consequences … [Read more...] about How are the tycoons in mogul Kien’s bank case faring?
How are electromagnets used in recycling plants
Singaporean water-treatment firm Hyflux has formed a joint venture to invest US$10.5-million to build a used-oil recycling plant in Vietnam, the company confirmed Tuesday. The firm is tying up with Success Blossom Environment Vietnam Joint Stock Company for the project, recycling used oil into high-grade base oil for sale in Vietnam, Laos, Cambodia and other markets. The project near Hanoi will be able to process and recycle up to 12,000 tons of feed used-oil annually, Hyflux said. … [Read more...] about Singapore water-treatment firm to build Vietnam recycling plant
Recently, in the presence of Bulgarian Prime Minister Plamen Oreharski and Bulgarian and Vietnamese representatives of Ministries, agencies, departments, PV Oil Lube and Prista Oil Corporation (Bulgaria) signed the Memorandum of understanding (MoU) on building used oil recycling plant in Vietnam. Prista Oil Corporation is a leading oil and gas group in Bulgaria which owns and operates many oil treatment plants in Bulgaria, Ukraine, Uzbekistan under the standards set by EU Directive 75/439/EEC/87/101/EEC. Prista Oil's produces high-quality base oils equivalent to Group II base oils categorized by American Petroleum Institute. It is praised that the MoU brings economic, environmental and technological benefits to Vietnam and enables Vietnam to have access to European advanced technology by learning models of Bulgarian used oil recycling plants. According to Vietnam's law, used oil is considered hazardous waste and need to be collected and treated by authorized related agencies. A … [Read more...] about Oil recycling plant in Vietnam in the future
On October 25th, Deputy Minister of Natural Resources and Environment Bui Cach Tuyen received and had a working session with Mr. Plamen Bobotov, Prista Oil Company Chairman, Bulgaria on the oil refining and industrial used oil-recycling Project in Vietnam. Reportedly, this project will create an effective system for the preventing of used oil discharged into the environment- in which Vietnam lacks handling experience. At the working session, Mr. Plamen Bobotov said he intends to build the oil refining and industrial used oil recycling plant on an area of approximately 30,000 m2. As planned, the first phase of the project will be collecting 40,000 oil barrels (roughly 20 % of the total sales of lubricant that can be used instantly in Vietnam), Phase 2 will be collecting 80,000 barrels and producing 310,000 barrels per year. With the aim to prevent waste oil from being discharged into the environment, the project will help to fulfill the orientations of the European Union in the … [Read more...] about New project of oil refining and industrial used oil recycling plant in Vietnam
Thai company Tycoons Worldwide Steel Group is planning to increase its investment in a steel complex in Vietnam’s Dung Quat Economic Zone. It has applied to local authorities to up the amount to US$1.8 billion after initially deciding to invest $1.1 billion, according to the government of Quang Ngai province where the zone is situated. But the reason for Tycoons’ decision is not known. Construction on the plant is expected to start next month and finish in 2009 when it will supply raw materials to Vietnamese steel manufacturers and a Tycoons factory in Thailand The plant’s capacity will be increased to five million tons in 2010. The Vietnam Association of Steelmakers said the technology to be used in the plant was somewhat outdated and no longer used in countries like Thailand and China. The Dung Quat zone authorities said, however, that the technology was appropriate for Vietnam’s practical needs and Tycoons’ long-term strategy here. Recently … [Read more...] about Thai steel maker to increase investment in Vietnam plant