Binh Dinh's provincial government and state-run oil and gas PetroVietnam do not see eye to eye on a project that aims to set up a US$27 billion refinery in the coastal province. The refinery, to be located at the Nhon Hoi Economic Zone, is expected to be capable of handling some 660,000 barrels a day, or 30 million tons of crude oil a year, five times higher than that of the Quang Ngai-based Dung Quat Refinery - Vietnam's sole refinery for the time being. Talks over the deal was initiated between PTT and Binh Dinh government more than a year ago, and the province has lodged a document to the Prime Minister asking for a go-ahead. However, PVN, the investor of Dung Quat, immediately filed its protest to the Ministry of Industry and Trade, expressing frankly that the project should never be approved. PVN is now spending money on the second refinery, the Nghi Son facility in Thanh Hoa Province. Surplus concern The Nhon Hoi refinery is not in the master plan of the oil and gas … [Read more...] about Province, PVN disagree on $27 bln refinery project
VietNamNet Bridge - The Can Tho Oil Refinery, the fist joint venture between a Vietnamese company and a foreign partner, seems to have found a way out after the US partner unexpectedly withdrew. The Can Tho Oil Refinery project was granted investment license in 2008. The refinery was planned to cover an area of 250 hectares and have the investment capital of $538 million (the Vien Dong Investment and Trade Corporation contributing 30 percent of capital, and the US Semtech Lit 70 percent). The oil refinery was expected to have the capacity of two million tons a year. However, after the US partner decided to withdraw from the joint venture, Vien Dong Company asked for the permission to change the scale of the project. The newly designed project is expected to cover an area of 50 hectares, have the investment capital of $350 million and will have the capacity of one million tons. The oil refinery will churn out A92, A95, diesel, and slight naphtha. The British Vitol has committed to … [Read more...] about Can Tho oil refinery project will come true?
While state-backed oil refineries are well on track, private projects are facing serious delays. To underscore this point, Can Tho authorities last week summoned the Can Tho oil refinery project investors to explain why the $350 million project had been delayed for more than two years. Nguyen Thanh Son, deputy chairman of Can Tho People's Committee, told VIR that the investors had submitted a proposal for putting the project back on track. "The project has been far behind schedule and its licence should have been revoked. But we will ask the Ministry of Planning and Investment and the government to give them one last chance," he said. Nguyen Van Duc, general manager of Vien Dong Investment and Trade Corporation - the domestic investor in the project, said the withdrawal of US-based Semtech in 2009 proved this foreign partner did not have sufficient financial strength. In June 2010, Duc announced that his firm had chosen Taiwan's Crystal Future Incorporation as a new partner. … [Read more...] about Privately-backed refinery projects yet to hit top gear
Vietnam is believed to be a good place for setting up oil refineries, as the country still has to import petroleum products to meet the increasingly high demand. However, investors have been advised to think carefully before making investment decisions in Vietnam. The Khang Thong Group has reportedly signed with STFE group and Thai PTTES--a contract on technical designing for an oil refinery with the expected capacity of 12 million tons per annum, expected to be located in Nhon Hoi Economic Zone in Binh Dinh province. As such, the list of the oil refinery projects has been extended. Partners for joint ventures - where to find? According to Nguyen Van Thuyet of the Nghi Son Oil Refinery Complex project management board, Vietnam’s oil and gas industry remains a fledgling; therefore, setting up joint ventures with foreign partners is always the thing Vietnamese investors want However, it is not easy to find out foreign partners to form up joint ventures which can run oil … [Read more...] about How many oil refinery projects will survive?
HCM CITY – Hòa Bình Construction Corporation (HBC) won a contract to produce reinforced concrete for a refinery project in Kuwait, the corporation said on Monday. Hòa Bình Construction Corporation (HBC) signed a cooperation agreement with United Gulf Construction Company (UGCC) -- the second-largest construction company in Kuwait – to implement a reinforced concrete package as part of the Kuwait Government’s Al Zour Refinery Project, with a bid worth US$20 million. The Al Zour Refinery is the largest refinery project in Kuwait with total investment of $30 billion. In Kuwait, HBC also successfully negotiated the first package of the Criminal Evidence Headquarters project worth some $35 million (VNĐ800 billion) with HOT Engineering and Construction -- HBC’s strategic partner. This is a key project of the Kuwait government with a very special design. This key project has total investment … [Read more...] about HBC wins contract for oil refinery project in Kuwait