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Category: Petroleum

Vietnam oil refinery to receive US$338 million in compensation

Nghi Son oil refinery operators will be compensated VND 8,247 billion (US$338.1 million) for variations in the price they were permitted to sell their petrol products and the price of the same products imported, Tuoi Tre is reporting. Key points: Vietnam’s state-owned Petrovietnam (PVN) is required to buy all of

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Kuwaiti investors visit Nghi Son refinery amid expected heavy losses

A group of investors connected to Kuwait Petroleum International, which has a 35.1 percent stake in Vietnam’s Nghi Son oil refinery, visited the facility yesterday, the Kuwait News Agency is reporting. This comes after speculation that the refinery could report a loss of US$1 billion this year which may signal

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Import tax hikes suggested to support local plastics business

Vietnam’s Ministry of Finance has knocked back a request from the Long Son Petrochemicals Complex, to increase import tariffs on several plastics products , The Investor is reporting. Why it matters: If it had been approved this would have gone against Vietnam’s general policy of removing barriers to trade. That

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Vietnam’s biggest oil refinery needs more Vietnamese leadership: PM

In a visit to Vietnam’s Nghi Son oil refinery on Saturday, Vietnam’s Prime Minister, Pham Minh Chinh, said that the challenges facing the refinery could be solve with more local leadership and more decentralisation, The Investor is reporting. “There need to be more Vietnamese people in the company’s leadership. More

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Vietnam fuel imports have increased 23.1 percent so far this year

Vietnam spent US$793 million on imported fuel bringing its total imports of petrol products to US$6.65 billion, which is a 23.1 percent increase year-on-year, Vietnamnet is reporting. This is at least in part a result of challenges at Vietnam’s Nghi Son refinery that have seen capacity cut and huge financial

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