CAN THO (VNS) — The municipal People's Committee has required the Can Tho oil refinery project to deposit VND11 billion (US$524,000), which is equivalent to 5 per cent of the compensation for land clearance.
If this deposit is not delivered, the city will revoke the refinery's investment licence, according to Bui Ngoc Vy, Deputy Director of the Can Tho Planning and Investment Department.
Licensed in May 2008, the $538 million project was a joint venture between Viet Nam's Vien Dong Investment and Trade Joint Stock Co and the US-based Semtech Limited. After changing joint venture partners many times, project investors asked the city to reduce the total capital investment to $350 million covering an area of only 50ha of land. — VNS