Central Phu Yen Province plans to hand over land to the investor of the Vung Ro oil refinery project at the end of the year.
On July 1, Chairman of Phu Yen Province signed the adjusted investment certificate for the Vung Ro oil refinery project, which will be kicked off in the third quarter of this year.
The Vietnamese Government has approved a revised investment certificate for Vung Ro Petroleum to double the capacity of its proposed oil refinery from 4 million tons to 8 million tons per year. The Phu Yen Provincial People’s Committee’s decision, which was endorsed by the Prime Minister of Vietnam, means that the project’s capital investment will also almost double from US$1.7 billion to US$3.18 billion.
The Phu Yen provincial authorities have asked relevant ministries to propose the government to apply the zero percent export tariff to the petrochemical and sulphur products to be churned out by the Vung Ro oil refinery. Prior to that, similar preferences have been granted to the Nghi Son petrochemical project.
The planned Vung Ro oil refinery project in central Phu Yen province would increase investment capital from US$1.7 billion to $3.18 billion and its capacity would be doubled to 8 million tonnes a year.
Leading international law firm Clifford Chance has been appointed by Vung Ro Petroleum Limited to advise on the structuring and legal aspects of the development of the 169,000 bpd Vung Ro Refinery Project in Vietnam’s Phu Yen province.
A flagship $3.1 billion oil refinery in central Vietnam has been green lighted to double its scale.
Vietnam’s upcoming Vung Ro oil refinery plans to double its capacity to 8 million tonnes a year (160,000 barrels per day) by raising its total investment in the project by 88 percent up to $3.2 billion.
Vung Ro Petroleum Ltd has recently signed a technology copyrights and engineering design contract with UOP LLC Corporation (A Honey Well – US).
The investor, Vung Ro Petroleum Ltd., last week reached managing licensor and technology transfer agreement with Honeywell’s UOP, a leading international licensor for the refining and petrochemical production, for the design and engineering of the refinery in central Phu Yen province.