IPIC could invest in $7bn refinery JV in Vietnam

Withdrawal of PDVSA could open door to Abu Dhabi sovereign wealth fund

International Petroleum Investment Company, Long Son project Vietnam, Petroleos de Venezuela, Petronas

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The International Petroleum Investment Company (IPIC) is reportedly interested in investing in the US$7 billion Long Son refinery joint venture project in Vietnam after the withdrawal of Venezuelan oil giant Petroleos de Venezuela (PDVSA).

The state-run Vietnamese newspaper, Lao Dong, reported that senior representatives from PetroVietnam were in negotiations with the Abu Dhabi sovereign wealth fund, Malaysian oil company Petronas and the Swiss oil trader Trafigura.

The Long Son project is a 200,000 barrel per day refinery being developed in southern Vietnam, about 100km east of Ho Chi Minh City.

No-one from IPIC was available for comment.

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