Venezuelan partner pulls out of refinery
Lao Dong Newspaper Thursday Oct. 08, 2009
A Venezuelan partner has dropped out of the Long Son oil refinery in the southern province of Ba Ria-Vung Tau, according to state-owned PetroVietnam.
PetroVietnams general director Phung Dinh Thuc said the Venezuelan partner had unsettled issues related to input materials and capital for the refinery.
PetroVietnam is holding talks with other partners of the planned joint venture Malaysias Petronas, UEAs IPIC and Singapores Trafigura.
It said an agreement on the establishment of the joint venture may be reached by the end of this year.
The US$10 billion project in Long Son is Vietnams third refinery, following the Dung Quat refinery in central Quang Ngai Province and Nghi Son refinery in central Thanh Hoa Province.