Saudi Aramco withdraws from Vietnam Refinery, Petrochemical Project
Saudi Aramco has decided to back out from a refinery project it had planned to set up along with Thailand's state-owned PTT in Vietnam, as the Middle Eastern producer focuses on other projects in Southeast Asia in its effort to lift its global refining capacity.
PTT told S&P Global Platts in an emailed statement that Aramco, a co-sponsor of its planned Victory refining and petrochemical project in Vietnam's Binh Dinh province, had exited the project.
Saudi Aramco wasn't immediately available for comment.
Both PTT and Saudi Aramco had jointly submitted the project's detailed feasibility study to the Vietnamese government in 2014.