US$ 3.2 bln oil refinery project license revoked
A foreign-owned US$3.2-billion oil refinery project in the central coastal province of Phu Yen has had its investment license revoked due to slow implementation by a consortium of the UK’s Technostar Management and Russia’s Telloil.
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The move comes after the two investors decided to discontinue the project, which was approved in December 2007 with a total investment of US$1.7 billion and an annual capacity of 4 million tons.
The investors later filed to increase the capital to US$3.2 billion and double the capacity to 8 million tons.
The project was planned to include a refinery complex and a seaport covering 538 hectares of land and 1,300 hectares of the water surface in Hoa Tam commune, over 20 kilometres to the south of the provincial capital of Tuy Hoa.
Vung Ro oil refinery project located in Hoa Tam Commune, Dong Hoa District was licensed in 2007 with the total investment of US$3.2 billion. It was started in September 2014 and slated for becoming operation in early 2019.
By Vien Nhu
