Vietnam's Binh Dinh province calls off US$20 bln refinery and petrochemicals plant with Thai PTT

27-Jul-16

As delays in the progress of construction of the project persists, Vietnam's Binh Dinh province has scrapped a US$20 billion refinery and petrochemicals plant with Thai oil company PTT, as per a provincial industry official. State-controlled PTT had said last month it would postpone the project and re-assess it later in the year, citing political changes in Vietnam and uncertainty in global oil markets. The development plan included a 400,000 bpd refinery and an olefins and aromatics petrochemical plant with an annual output of 5 mln tons.

"The project has taken too much time to implement," said Nguyen Ngoc Toan, deputy head of the Binh Dinh's economic zone management, told Reuters, adding the decision was announced at a recent meeting of provincial officials.