Kuwait, Vietnam recommit to US$6 billion refinery plan

Vietnam’s state-owned PetroVietnam said it is seeking deeper Kuwaiti participation in its oil and petrochemical projects, one day after the two nations recommitted to a proposed US$6 billion refinery. Officials have admitted that financing, engineering, procurement, and construction issues have delayed the refinery project. “We believe that the success of the Nghi Son project will create the dynamics and potential for Kuwaiti partners to cooperate with PetroVietnam more extensively and intensively in other projects, including refinery and petrochemical projects,” PetroVietnam Chairman Dinh La Thang told news agency KUNA. The Nghi Son Petrochemical Refinery Complex will be Vietnam’s biggest refining project and is set for the northern province of Thanh Hoa. The proposed start-up for the 200,000-barrel per day complex, which will process 100% Kuwaiti crude, is now 2014. (September 30, 2010)