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Energy

Vietnam bid to invest in Japan refinery stalls

Petrolimex's venture with Eneos stuck ahead of Hanoi leadership shuffle

Petrolimex is the top gasoline seller in Vietnam, but it owns no refineries. (Photo by Tomoya Onishi)

HANOI/TOKYO -- Plans for Petrolimex, Vietnam's top gasoline seller, to take a stake in a refinery of Japanese oil company Eneos have fallen more than a year behind schedule, as the government holds off on major decisions ahead of the upcoming overhaul in the Communist Party's leadership.

State-owned Petrolimex agreed in 2018 to invest in a Japanese refinery built by Eneos and export the gasoline to Vietnam. A joint venture was to be established in April 2019 as an operating company for the existing refinery, but the Vietnamese government has yet to approve the deal.

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