Thailand's largest energy company PTT Pcl has postponed plans to build a US$20 bln refinery and petrochemical complex in Binh Dinh's Nhon Hoi economic zone, Vietnam amid political changes in the country and uncertainty in global oil markets. The company will review investment at the end of the year. PTT and Aramco were slated to hold a 40% stake each, with the Vietnamese government holding the remaining 20%.
State-controlled PTT has studied the possibility of investing in central Vietnam for more than four years and had aimed to start construction this year in partnership with Saudi Aramco. The complex, including a 400,000 bpd refinery and an olefins and aromatic petrochemical plant with annual output of 5 mln tons, would help to meet Vietnam's domestic demand for oil products and boost its exports.
Vietnam completed a leadership transition in April, when parliament approved a 27-member Cabinet charged with reforming an economy that has grown rapidly but remains dogged by public debt and privatization problems.