PDVSA withdraws from PetroVietnam 3rd Refinery $10B Project

[basil parmesan]

Venezuelan partner pulls out of refinery
 
Lao Dong Newspaper Thursday Oct. 08, 2009A 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.

[Charles Randall]

Here is update on PetroVietnams $10B Refinery Project – it was expected that PDVSA might withdraw from PetroVietnams $10B 3rd Refinery Project given PDVSA/Global economic situations. 
 
But it was rumored that this 3rd Refinery would have also had a coking unit – unlike the previous two, especially since PDVSA & potential Heavy Crude was involved. It will interesting to see if the project proceeds and if it adds a coking unit.
Regards

[Author]

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