NMLD Vũng Ro / Vũng Ro Oil Refinery

Vừa phát hiện ra Việt Nam đang định xây dựng một nhà máy lọc dầu nữa ngoài Dung Quất (đã hoạt động) và Nghi Sơn (đang rục rịch). Thằng thứ ba này là Vũng Ro ở Phú Yên.

Lý do mình không biết: Chắc là vì đây là dự án 100% vốn nước ngoài và PVN không tham gia.

Vốn đầu tư: $3 tỷ

Vị trí: Vũng Ro, Phú Yên

SPV: Vung Ro Petroleum

Sponsor: Technostar Management and possibly Dmitry Arzhanov

Financial adviser: StormHarbour Securities 

Feasibility study: Honeywell and JGC

EPC contractor (expected): Japan's JGC or Korea's SK 

Funding: JBIC/Nexi or Kexim/K-Sure financing
 
Offtakers: PetroVietnam and/or BP and or Morgan Stanley

In-service date (expected): 2016.

Thông tin tổng hợp từ Project Finance Magazine.

Vung Ro refinery adviser mandated

2 July 2012

Project Finance

© Copyright 2012 Euromoney Institutional Investor plc.

The developer of the $3 billion Vung Ro refinery project in Vietnam has mandated StormHarbour Securities as its financial adviser. Technostar Management owns project company Vung Ro Petroleum, and is likely to source equity for the project from its strategic investor, Dmitry Arzhanov, who also owns Russian power retailer Transneftservices-S. The debt financing is set to rely heavily upon export credit agencies and development banks, and the sponsor and its adviser expect to approach the lending market later this year.

Before the project's financing can be launched to market, the developer will need to firm up its construction, supply and offtake arrangements. Honeywell and Japanese contractor JGC have been producing feasibility studies for the project, and JGC and Korea's SK are possible candidates for the project's engineering, procurement and construction contract. If they are successful it would allow the project to access JBIC/Nexi and Kexim/K-Sure financing, though the construction package will need to be strong enough for lenders to dispense with sponsor construction completion guarantees.

The project is located in Phu Yen province, on Vietnam's south central coast, and will be the first wholly-foreign owned venture on the province, and would be the first refinery project in Vietnam in which PetroVietnam is not an equity investor. The project will refine imported crude for sale into the domestic market, and PetroVietnam could be an offtaker. BP and Morgan Stanley are also potential offtakers and suppliers of the project,  and they participate in both supply and offtake contracts would provide the sponsor with some control over refining margins.

The developer plans to build a storage facility at the site first, with the aim of producing some initial revenues to fund later work on the process facilities. This may need to be funded with an upfront equity contribution, but would minimise the total required equity contribution. If the developer can close financing as planned early in 2013, it could be online by 2016.