(Bloomberg) -- Vietnam's largest oil refinery said its partners have agreed to a “short-term proposal” that will allow it to maintain stable operations and avoid a “lengthy shutdown,” according to an emailed statement from Nghi Son Refinery & Petrochemical LLC.
Nghi Son sought financial assistance from the Vietnamese government and the plant was at risk of shutting if the company was unable to secure funding, people familiar with the matter said last week. Crude imports were halted earlier in the month, they said.
Vietnam's Largest Oil Refinery Cuts Processing on Cash Squeeze
One of the refinery's shareholders, Vietnam Oil and Gas Group, also known as PetroVietnam, said in a Jan. 28 statement that it had agreed on a restructuring and funding plan with its foreign partners in the plant.
Nghi Son Refinery started operations in 2018 and has the capacity to process 200,000 barrels of Kuwaiti crude a day, producing products such as diesel and gasoline. It's a joint venture between Kuwait Petroleum Corp., Idemitsu Kosan Co., Vietnam Oil and Gas Group and Mitsui Chemicals Inc.
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