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Gazprom Neft, the oil arm of Gazprom, has pulled out of talks to buy a stake in Vietnam’s Dung Quat refinery, Thanh Nien news reported on Jan.11.
The Russian company was looking to buy a 49 percent stake in Vietnam’s sole oil refinery.
The Vietnamese government turned down Gazprom Neft’s request for support for operating and expanding the refinery, according to the report.
Vietnam’s Ministry of Industry and Trade has refused to continue with “favorable” import tariffs for the refinery after 2018, a source told Thanh Nien news.
