Venezuela’s withdrawal from a refinery joint venture in Vietnam has opened the door for Abu Dhabi’s International Petroleum Investment Company (IPIC) to expand its portfolio of Asian petroleum assets.
The national Venezuelan oil company Petroleos de Venezuela (PDVSA) has withdrawn from the US$7 billion (Dh25.71bn) Long Son project to build Vietnam’s third oil refinery, according to the Lao Dong, a Vietnamese state-run newspaper that quoted the PetroVietnam managing director Phung Dinh Thuc.
Mr Thuc gave no reason for the decision. He said PetroVietnam, the Vietnamese state oil company, was “proactively negotiating” with a consortium of IPIC, Petronas of Malaysia and the Switzerland-based oil trader Trafigura about investing in the 200,000 barrel per day refinery development in southern Vietnam, about 100km east of Ho Chi Minh City.
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