HomeBusinessPetroVietnam agrees funding deal to keep country's largest refinery operational

PetroVietnam agrees funding deal to keep country’s largest refinery operational

HANOI : Vietnam’s state oil agency PetroVietnam stated on Friday it had reached a short-term funding deal to keep the country’s largest refinery operational.

Nghi Son Refinery and Petrochemical (NSRP) confronted attainable shutdown over a disagreement between shareholders about financing for crude oil, in accordance to state media stories, and had earlier reduce its manufacturing to 80per cent of capability. [nL4N2U51CS]

PetroVietnam, a serious shareholder within the refinery, stated in a press release it had agreed to make an early fee below a gas offtake settlement.

“The payment helps NSRP improve its liquidity and maintain its operations,” PetroVietnam stated.

NSRP, which provides a 3rd of the country’s petroleum wants, didn’t instantly reply to a request for remark.

PetroVietnam holds a stake of 25.1per cent within the 200,000 barrel-per-day refinery in Thanh Hoa province. Japan’s Idemitsu Kosan Co has a share of 35.1per cent, the identical as Kuwait Petroleum, whereas Mitsui Chemicals Inc owns 4.7per cent of the agency.

Vietnam’s different refinery, Binh Son, on Wednesday stated it was working above capability to handle provide issues, as prime petroleum buying and selling companies introduced plans to increase imports amid fears of the shutdown of NSRP.

(Editing by John Geddie and Jason Neely)

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