A new oil refinery slated for central Vietnam has officially been canned

An investment certificate granted in 2007 for a new oil refinery in Vietnam’s Phu Yen province has been rescinded 16 years later after the investors decided not to go ahead with the project, The Investor is reporting. It is not clear why the investors pulled out, however, the two firms set to build the facility were the UK’s Technostar Management and Russia’s Telloil–UK sanctions against Russia may have played a part. Though this is only recent and progress has been stalled for some time. Furthermore, Vietnam’s biggest refinery in Nghi Son has struggled since it began production and may be looking at a loss of over US$1 billion this year and this may be seen as indicative of greater challenges operating in the Vietnam petroleum market.