Vietnam approves distribution JV

Vietnamese Deputy Prime Minister Hoang Trung Hai has approved the establishment of a joint venture (JV) for distribution of the Nghi Son oil refinery-petrochemical complex’s products, in line with state-run Vietnam Oil and Gas Group (PetroVietnam)’s proposal. Hai requested that the Vietnamese side should hold at least 51% stake in the JV and PetroVietnam’s capital and asset contributions to the JV must not impact petroleum distribution and price stabilization in the country. Construction of the US$7 million project is expected to start in January. (November 26, 2010)