Japan JGC says made bid to build Vietnam refinery

Japanese engineering firm JGC Corp (1963.T: Quote) said on Monday it has made a bid to build Vietnam’s second oil refinery for a joint venture led by Idemitsu Kosan Co (5019.T: Quote) and Kuwait Petroleum International.

Japanese engineering firm JGC Corp (1963.T: Quote) said on Monday it has made a bid to build Vietnam’s second oil refinery for a joint venture led by Idemitsu Kosan Co (5019.T: Quote) and Kuwait Petroleum International.

A Tokyo-based JGC spokesman declined to provide the names of the firm’s partners in the bid, though the Nikkei business daily said these included Japan’s Chiyoda Corp (6366.T: Quote), France’s Technip (TECF.PA: Quote) and South Korean groups SK and GS.

Idemitsu said it and its partners had opened a tender for contractors to build a 200,000 barrels per day refinery in Vietnam, with a final investment decision to be made by the end of March 2011, denying it had unofficially selected the JGC group, as the Nikkei reported.

Without citing sources, the Nikkei also said the firms will sign an official agreement in February.

“Bids are in, and we’re now considering (to whom to award the contract). We cannot say when we will finalise the results,” a spokeswoman at Idemitsu said, adding that the cost of construction is yet to be fixed.

Idemitsu and Kuwait Petroleum International both hold 35.1 percent stakes in the Nghi Son plant, while Petrovientam has 25.1 percent and Mitsui Chemicals Inc (4183.T: Quote) holds the remaining 4.7 percent.

Idemitsu said in September it had delayed the start of operations at the plant to some time in 2014 from its previous plan for during the April 2013-March 2014 financial year. ($1=83.97 Yen)- Reuters

Tags: Kuwait Petroleum International