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Saudi Aramco withdraws from Vietnam refinery, petchem project

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/07/2016 (15:00)
According to media reports, Saudi Aramco withdrew from a $22 billion joint venture refining and petrochemical project with Thailand’s PTT in Vietnam’s Binh Dinh province. Both companies had submitted a detailed feasibility study to build a 400,000 barrels/day Victory refinery project to the Vietnamese government in 2014.

However, the companies failed to find a local partner for the joint venture and Saudi Aramco decided to exit from the further development of the Victory project effective as of July 1.

The recent reports suggest that PTT will transfer the project to its affiliate IRPC.
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