News Post
Vietnam province scraps $20 B refinery project with Thai PTT
(Reuters) Vietnam's Binh Dinh province has scrapped a $20 B refinery and petrochemicals plant with Thai oil company PTT due to delays getting construction of the project going, a provincial industry official said on Tuesday.
State-controlled PTT said last month it would postpone the project and re-assess it later in the year, citing political changes in Vietnam and uncertainty in global oil markets.
"The project has taken too much time to implement," said Nguyen Ngoc Toan, deputy head of the Binh Dinh's economic zone management, told Reuters, adding the decision was announced at a recent meeting of provincial officials.
PTT studied the possibility of investing in central Vietnam for more than four years and aimed to startconstruction this year in partnership with Saudi Aramco, the world's biggest oil producer.
The development plan included a 400 Mbpd refinery and an olefins and aromatics petrochemical plant with an annual output of 5 M tons.
Reporting by My Pham; Editing by Tom Hogue
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