Vietnam's study for $ 1,2 bn refinery ready

Jan 20, 1997 01:00 AM

Vietnam has said that a feasibility study for the country's first oil refinery was now ready for government approval. The study, whose findings were not given, was undertaken by Petrovietnam and a clutch of foreign partners last year. Industry sources said Petrovietnam is now trying to persuade those same partners to invest in the $ 1.2-1.4 bn Dung Quat project, which Hanoi is anxious to get under way this year, even if that meant going ahead on its own. The site chosen for the project, in the central province of Quang Ngai, is an undeveloped area 1,000 km (600 miles) north of the country's oilfields and chief consumption base. The Petrovietnam official said talks with investors were focusing on financial incentives, particularly the question of what access they would have to Vietnam's retail market. Petrovietnam and a consortium led by South Korea's LG Group each had a 30 % stake in the feasibility study, with US firm Stone & Webster taking a 3 % share from LG Group. Two Taiwanese firms, Chinese Petroleum Corp. and Chinese Investment Development Corp., shared 10 %. Malaysia's Petronas split 30 % equally with the US refiner Conoco. When they signed up for the study, the partners stressed that the share split did not necessarily reflect the split would apply to any eventual joint venture project. Vietnam, on a drive to cut a growing oil products import bill, has set its sights on building a second refinery, possibly in the northern port town of Haiphong. Petrovietnam said Dung Quat would meet only half of the projected domestic demand of 10-12 million tonnes a year by 2000.

Source: not available
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