01:27 GMT +329 September 2016
Live
Vietnam's first oil refinery at Dung Quat looms over a rice field on February 22, 2009 in the central province of Quang Ngai

Russia’s Gazprom Won't Buy 49% of Vietnamese Refinery

© AFP 2016/ HOANG DINH Nam
Business
Get short URL
0111650

Russian energy company Gazprom Neft has withdrawn from negotiations over the purchase of a 49-percent share in the Dung Quat refinery, as part of a deal signed with Vietnam Oil and Gas Corporation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.

MOSCOW (Sputnik) Russian energy company Gazprom Neft has withdrawn from negotiations over the purchase of a 49-percent share in the Dung Quat refinery, as part of a deal signed with Vietnam Oil and Gas Corporation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

Related:
Fitch Affirms Gazprom Neft Credit Rating at 'BBB-' With Negative Outlook
Gazprom Neft Expects Sanctions Lawsuit Against EU to be Assessed in 2016
Gazprom Neft Objects to Having Case Disputing EU Sanctions Postponed
Tags:
oil refinery, Gazprom Neft, Russia, Vietnam
Community standardsDiscussion
Comment via FacebookComment via Sputnik
  • Сomment
Top stories