Qatar Petroleum International has announced its plan to withdraw from a US$3.77 billion petrochemical project as part of its restructuring plan.
The group said it will leave the Long Son project in Ba Ria-Vung Tau Province, which is a joint venture between itself, PetroVietnam and Thailand’s SCG.
Local authorities approved the project in July 2008, with Qatar Petroleum owning a 25 percent stake.
The investors met in September to discuss the transfer of the stake but they failed to reach an agreement.
Vietnam’s trade industry is expected to intervene next week, asking for its counterpart in Qatar to help solve the problem.
Work on the project started in September 2008 and is expected to complete in the middle of 2019 as the country's first fully integrated petrochemical project.
Dung Quat in the central province of Quang Ngai is the only oil refinery in operation in Vietnam, and several others are being built or planned.