Saturday , March 2 2024

Vietnam’s first refinery calls for upgrade incentives

The operator of Dung Quat Refinery, the first of its kind in Vietnam, has asked authorities for tax and lending incentives to fuel expansion.

The plant’s expansion was approved in December 2014 but was delayed by issues in the design, appraisal and approval process, and capital mobilization.

Therefore, Petrovietnam and Binh Son Refining and Petrochemical (BSR), its operator, have sought official permission to adjust the scale, required technology and progress of the upgrade.

Capacity was adjusted down to 171,000 barrels a day from 192,000, and investment was down by $0.54 million to $1.26 million.

The BSR, expansion investor, called for incentives including the ability to negotiate and extend contracts with technology providers and to fast-track some processes.

It also asked for a preferential corporate income tax rate of 10% in 30 years upon completion; a four-year tax exemption since making profits; a 50% tax cut in the next nine years; and an extension on the exemption of petroleum import tax to 2028.

This would help Dung Quat operate more equally with Nghi Son Refinery, Vietnam’s latest and biggest refinery, it said.

BSR also exhorted authorities to expand the credit room and relax some loan regulations toward the expansion.

The Ministry of Planning and Investment asked BSR for an evaluation of both production plans for 171,000 barrels and 192,000 barrels a day.

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