Russia’s Gazprom Won't Buy 49% of Vietnamese Refinery
Monday, 11 January 2016 10:39
Russia’s Gazprom Won't Buy 49% of Vietnamese Refinery

12:39 11.01.2016(updated 13:05 11.01.2016) Get short URL

MOSCOW (Sputnik) Russian energy company Gazprom Neft has withdrawn from negotiations over the purchase of a 49-percent share in the Dung Quat refinery, as part of a deal signed with Vietnam Oil and Gas Corporation Petrovietnam, local media reported Monday.

According to the Tuoitre News newspaper, Gazprom Neft has already sent a notice considering the issue to Petrovietnam.

In 2014, Gazprom Neft and Vietnamese Binh Son Refining and Petrochemical Company, the refinery's then owner now privatized by Petrovietnam, signed a deal on the supply of Russian oil to the Dung Quat refinery.

In April, the parties signed a document enabling the Russian company to purchase a 49-percent share in Binh Son Refining and Petrochemical Company, which included provisions covering the financing of the upgrading of the Dung Quat refinery by the Russian side in proportion to its share in the company.

Opened in 2010, Dung Quat produces about 30 percent of the oil products consumed in Vietnam.

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