Vietnam Cancels Usd 20bn Oil Refinery

• 4 October 2016
• Local News
• 1058 Views

Vietnamese government officials in Binh Dinh province have cancelled plans for a USD20bn oil refinery and petrochemicals plant after four years of delays from the managing contractor.

Thailand’s state-owned PTT in association with Saudi Arabia’s Aramco was scheduled to build the Victory Nhon Hoi scheme after it was first proposed in 2012. The 400,000 barrel-a-day capacity plant was to have an annual output of 5 million tonnes of refined products.

After PTT announced that uncertainty in global oil markets meant further delays however, the project was scrapped. Nguyen Ngoc Toan, deputy head of the Binh Dinh’s Nhon Hoi Economic Zone, told the Reuters news agency: “The project has taken too much time to implement.”