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Foreign partner withdraws from biofuel project

The Japanese partner in the Ethanol Binh Phuoc project has decided to withdraw from the project on the worry about the slow sale of the biofuel, the Vietnam National Oil and Gas Group (PetroVietnam) President Phung Dinh Thuc has confirmed.

Thuc said on VnExpress that some projects on making biofuel E5 developed by PetroVietnam and foreign partners in the provinces of Quang Nam and Binh Phuoc have met big challenges.

“The Japanese partner in the Binh Phuoc project, which sees the slow sales, has sent words intimating that it would quit the project,” Thuc said.

“We have asked the Japanese partner to stay with the project. In case they are determined to leave, they can sell stakes to other partners, while PetroVietnam does not intend to buy more,” Thuc said, adding that PetroVietnam now holds 29 percent of stakes in the project already.

Under a program approved by the Prime Minister, from December 1, 2014, E5 biofuel would be used for the vehicles in 7 provinces and cities of Hanoi, HCM City, Hai Phong, Da Nang, Can Tho, Quang Ngai and Ba Ria – Vung Tau. From December 1, 2015, biofuel would be used all over the country.

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