FIFA: all collected doping tests at 2017 Confederations Cup in Russia test negativeSport July 24, 15:49
Kremlin refutes US media reports about Russia's green lobby and shale oil extractionBusiness & Economy July 24, 14:54
Russia, EU discuss joint energy projectsRussian Politics & Diplomacy July 24, 14:51
Russia proposes Moscow and Sochi for hosting 2019 World Boxing ChampionshipSport July 24, 14:20
Kremlin waiting for Washington to word clear position on further anti-Russian sanctionsRussian Politics & Diplomacy July 24, 13:59
Denmark’s Aske Soby wins stage 5 of Moscow-Vladivostok bicycle raceSport July 24, 13:17
Press review: Russian army takes aim at jihadi SUVs and Trump handcuffed by new sanctionsPress Review July 24, 13:00
Large-scale combat readiness check kicks off in East SiberiaMilitary & Defense July 24, 11:47
Russia's new advanced corvette to take part in Sea Cup-2017Military & Defense July 24, 10:30
HANOI, January 11. /TASS/. Russian oil producer Gazprom Neft is pulling out of talks with Vietnam Oil and Gas Group (Petrovietnam) on acquisition of a 49% stake in the country’s only operating oil refinery Dung Quat, a representative of the company said on Monday.
According to the source, the Russian side has informed Petrovietnam on its intention to drop out of talks on Gazprom Neft’s participation in modernization of the refinery in a written form.
In November 2013, Gazprom Neft and Petrovietnam signed a framework agreement setting out the terms of Gazprom Neft’s proposed acquisition of a stake in the Dung Quat oil refinery, which came on stream in 2009, and its planned modernization program. Gazprom Neft intended to invest up to $1.5 bln in the project.
Gazprom Neft planned to acquire a 49% share in Binh Son Refining and Petrochemical, which controls and manages the refinery. As part of the modernization program, the capacity at Dung Quat is planned to be increased from the current 6.5 million tonnes to 10-12 million tonnes per year.
The trigger for Gazprom Neft’s refusal to participate in the project was the position of the Vietnamese Ministry of Industry and Trade, which said it was impossible to keep preferential import tariffs for the refinery after a 10-year beneficial operating run in 2018 that the Russian side asked for. Meanwhile, Gazprom Neft does not rule out acquisition of part of the Vietnamese refinery’s shares this year.