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Vung Ro Oil Refinery plans postponed
Construction of the Vung Ro Oil Refinery will be postponed, said Pham Ngoc Chi, Phu Yen provincial People’s Committee Chairman, at a recent provincial meeting.
Construction now would start at the beginning of 2009 instead of the end of this year as planned earlier, he said.
The postponement stems from a delay in the land clearance process. The province has yet to complete construction of the Phu Lac resettlement zone and the Hoa Tam New Administration Centre in order to provide housing for 5,100 displaced people.
Phu Yen People’s Committee granted the investment licence for the Vung Ro Oil Refinery in November last year.
The 1.7 billion USD project, with an investment capital of 51 percent ownership by the British Technostar Management Ltd Co and 49 percent by the Russian Telloil, will become the first wholly foreign-owned oil refinery to be built in the country.
Vung Ro Oil Refinery, the country’s fourth, is expected to supply the domestic market with four million tonnes of petroleum products annually.
The project will be developed on a 200 ha inland area and 210 ha on the water’s surface near Vung Ro Seaport in Tuy Hoa District.
Investors have also found a stable supply of crude oil from the Middle East to increase product output.
The country’s three other oil refineries are located in Quang Ngai, Thanh Hoa and Ba Ria-Vung Tau provinces.
When all four oil refineries are fully functional, their combined production output will total 20 million tonnes of petroleum per year through 2012.
VNA
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