A foreign-owned USD3.2-billion oil refinery project in the central coastal province of Phu Yen has had its investment license revoked due to slow implementation.

Vung Ro oil refinery project has remained an empty land plot after 11 years

The news was reported by Le Van Thanh, head of the provincial management board for economic zones on March 8.   

The Vung Ro oil refinery project was jointly invested by UK-based Technostar Management Ltd and Russia's Telloil Group.

According to Thanh, being licensed 11 years ago, but until now, the project has remained an empty land plot.

Phu Yen authorities previously raised issues about the project’s problems to the prime minister for consideration.

At a meeting with authorities of Phu Yen Province last year, the investor committed that by July 7, it would send an official report to local authorities about the project’s specific implementation plan. But, since then, the authorities have not yet received any feedback.

Vung Ro oil refinery project located in Hoa Tam Commune, Dong Hoa District was licensed in 2007 with the total investment of USD3.2 billion. It was started in September 2014 and slated for becoming operation early 2019.

The investor has only finished some preliminary steps, including cadastral and hydrometric surveys but nothing more.

DTinews