Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade XRPUSD, Bitcoin and Cryptocurrencies

BUY & SELL XRPUSD | View XRPUSD News & Updates

Buy Sell XRPUSD, Bitcoin and Cryptocurrencies

Stalled Can Tho refinery project may lose licence   2012-07-16 - VNS

The municipal People's Committee has been advised to revoke the Can Tho oil refinery project with a registered capital of US$538 million as investors have failed to develop it after repeated extensions.

Participants at the fourth session of Can Tho People's Council in 2011–16 term recently made the suggestion.

Licensed in May 2008, the project is a joint venture between Viet Nam's Vien Dong Investment and Trade Joint Stock Co and the US-based Semtech Limited, with the Vietnamese company owning 30 per cent of the holdings.

In July 2009, the developer asked to adjust the refinery's area down to 50ha from the projected 250ha in the city's O Mon District, with an accompanying investment capital of $350 million.

This move was attributable to the investor's decision to revise its production line and technology after its fact finding tour overseas.

Despite the municipal People's Committee's approval to slash the refinery's area, the investors, however, have yet to pay in advance money used for land clearance compensation, estimated to cost VND150 billion ($7.1 million).

Duong Cam Thuy, Deputy director of the municipal Planning and Investment Department said Vien Dong Investment and Trade Joint Stock Co found a new partner after the US Semtech Limited withdrew from the project in 2009 and submitted documents proving its financial capacities to her department.

"We have been investigating these documents, collecting opinions from relevant authorities and then will consider some revisions of terms of the previous investment licence," Thuy said.

Meanwhile, the city's People's Committee has decided to withdraw eight real estate projects in the city due to slow implementation.

These projects included An Binh new urban area, residential areas in Hung Thach and Phu Thu Ward, South Can Tho office building, hotel and urban area complex and Chau Van Liem Ward resettlement area in O Mon District.

Other news

Noncommittal reply may kill auto industry   2012-07-16

Businesses spend money to be able to “die” the way they want   2012-07-16

Vietnam footwear wins Brazil dumping lawsuit   2012-07-16

Big bosses sell hotels at a loss to get money back   2012-07-16

The struggle around 70,000 tons of cheap sugar   2012-07-16

Mobile phone manufacturers cut production   2012-07-16

Kien Giang calls for investment   2012-07-16

Overseas travellers ignore economic downturn   2012-07-16

Vietnam’s interest rates go their own way   2012-07-16

Ministry prioritises five coastal economic zones   2012-07-15

Power price adjusted 4 times a year, consumers in state of anxious suspense   2012-07-15

Domestic businesses complain it’s difficult to squeeze into supermarkets   2012-07-15

Big M&A affairs expected in second half of 2012   2012-07-14

Gold companies disguise themselves to be able to exist   2012-07-13