Oil giant Petrolimex is seeking permission from the government to pull out of a much-delayed refinery project in Khanh Hoa Province to "focus resources on other projects". Deputy Minister of Planning and Investment Nguyen Van Hieu believed the main reason for the withdrawal is Petrolimex's limited financial capability. The Nam Van Phong refinery project was first approved by the government in 2008 at an estimated cost of $4.4-4.8 billion and an annual capacity of 10 million tons of liquefied petroleum gas (LPG), gasoline (RON 92, 95 and 98), kerosene, and diesel. The government tasked Petrolimex with preparing project and feasibility reports with a focus on the environmental impact assessment, technology, capital structure, and identification of partners. Construction was to start in 2011 with the refinery going on stream in late 2013. But it has since been a story of repeated delays. In 2014 the proposal was revived with the cost now rising to $8 billion. But by this time … [Read more...] about Vietnamese giants want out from billion-dollar oil refinery projects
Vietnam National Petroleum Group (Petrolimex)’s proposal to withdraw from South Van Phong oil refinery in the central province of Khanh Hoa, opens opportunities for other investors to jump into the project or spells doom for yet another billion-dollar oil refinery. Vietnam now has only operating oil refinery - Dung Quat in the central province of Quang Ngai At a recent working session with government agencies, Pham Van Thanh, chairman of Petrolimex, proposed to withdraw from the South Van Phong oil refinery project so that the group can focus on developing other projects. Located in South Van Phong Economic Zone in Khanh Hoa, the refinery is on the list of 127 large-scale projects calling for foreign investment through 2020. When the project was approved by the government in 2008, it had an expected investment value of $4.4-4.8 billion with a capacity of 10 million tonnes a year. It was supposed to start construction in 2011 and become operational by 2013. Petrolimex … [Read more...] about South Van Phong oil refinery to roll with the wind?
BSR Deputy General Director Khuong Le Thanh speaking at the session At the session, Deputy General Director of Binh Son Refining and Petrochemical (BSR) JSC Khuong Le Thanh said the Dung Quat Oil Refinery Plant is an important project related to national security, especially important to boosting socio-economic development of the Central region and Central Highlands. With the close attention and guidance of central and local levels and PetroVietnam, ensuring security, order and safety of Dung Quat Oil Refinery Plant remained stable. From the start of the year, there are no security incidents affecting production activities of the plant. At major offshore works, the company arranged some 250 security workers to inspect and patrol people, means and materials in and out of the factory. In addition, the police force also arranged 34 permanent soldiers to ensure security and order. In addition, BSR’s functional departments associated with the Dung Quat Port border gate frontier … [Read more...] about BSR urged to protect Dung Quat Oil Refinery Plant in new circumstance
BSR leader directing the operation of the Dung Quat Oil Refinery PlantBSR - Highlight of IPO Mr. Tran Sy Thanh, 12th PCC member and Chairman of the Board of Members of PetroVietnam, said the biggest success of BSR, PV Oil and PV Pover is the conversion into joint stock companies (JSC) that is considered an opportunity to restructure and tighten the organization to make the group stronger and more professional. BSR always has highlighted optimization work and scientific research, contributing to cost savings for production activities. In the first 7 months of the year, the saving value of the company is VND563.78 billion, exceeding 16.8% of the assigned value (VND482.64 billion). In addition, it researched and applied technical solutions to increase the capacity of the Dung Quat Oil Refinery Plant to 118%. The main targets set for the 2018-2022 period include: safe, stable and effective production towards sustainability; basically completing the research and expansion of the Dung Quat … [Read more...] about IPO of Dung Quat Oil Refinery: New momentum for oil and gas sector
A foreign-owned USD3.2-billion oil refinery project in the central coastal province of Phu Yen has had its investment license revoked due to slow implementation. The news was reported by Le Van Thanh, head of the provincial management board for economic zones on March 8. Vung Ro oil refinery project has remained an empty land plot after 11 years The Vung Ro oil refinery project was jointly invested by UK-based Technostar Management Ltd and Russia's Telloil Group. According to Thanh, being licensed 11 years ago, but until now, the project has remained an empty land plot. Phu Yen authorities previously raised issues about the project’s problems to the prime minister for consideration. At a meeting with authorities of Phu Yen Province last year, the investor committed that by July 7, it would send an official report to local authorities about the project’s specific implementation plan. But, since then, the authorities have not yet received any feedback. Vung Ro oil … [Read more...] about USD-3.2bn oil refinery project license revoked