Oil refinery project on hold again

[geovalin]

Construction of Cambodia’s first oil refinery oil plant has once again been put on hold, this time because of finance issues. The project, which sits on a site spanning the borders of Kampot and Preah Sihanouk province, is a joint venture between local investment firm, Cambodia Petrochemical Co (CPC) and China’s CNPC’s Northeast Refining and Chemical Engineering Co Ltd.

 

Director-General of Petroleum at the Ministry of Mines and Energy (MME) Cheap Sour said this week that the responsible companies are now seeking new partners to cooperate on the project. “The principals in the joint venture have financial problems and [they] are seeking other potential partners. As of today, they have not [provided the ministry with] any updates,” said Cheap.

 

The project first broke ground in May 2017, with an investment level of $620 million set for the completion of the first phase. The initial completion date for that first phase was slated for early 2019. Weather and facility upgrade issues caused the original completion date to be re-evaluated. That target is now set for 2022.

 

read more https://www.khmertimeskh.com/50791450/oil-refinery-project-on-hold-again/

[George Aylesham]

7 hours ago, geovalin said:

Construction of Cambodia’s first oil refinery oil plant has once again been put on hold, this time because of finance issues. The project, which sits on a site spanning the borders of Kampot and Preah Sihanouk province, is a joint venture between local investment firm, Cambodia Petrochemical Co (CPC) and China’s CNPC’s Northeast Refining and Chemical Engineering Co Ltd.

 

Director-General of Petroleum at the Ministry of Mines and Energy (MME) Cheap Sour said this week that the responsible companies are now seeking new partners to cooperate on the project. “The principals in the joint venture have financial problems and [they] are seeking other potential partners. As of today, they have not [provided the ministry with] any updates,” said Cheap.

 

The project first broke ground in May 2017, with an investment level of $620 million set for the completion of the first phase. The initial completion date for that first phase was slated for early 2019. Weather and facility upgrade issues caused the original completion date to be re-evaluated. That target is now set for 2022.

 

read more https://www.khmertimeskh.com/50791450/oil-refinery-project-on-hold-again/

At a time when electric vehicles are becoming popular and practical it seems wise for investors to be hesitating.