The Hanoitimes - Construction of the US$7.5 billion 200,800-barrel-per-day Nghi Son oil refinery, Vietnam's second, will start in the last quarter of this year after a half-year delay, state oil and gas group Petrovietnam said on Tuesday. Vietnam's natural gas output this year is expected to fall 5.7 percent from 2010 to 8.86 billion cubic metres, the Hanoi-based group said in a statement.Last year it pumped 9.4 billion cubic metres of natural gas.Crude oil output for 2011 would reach a previous projection of 15 million tonnes, or 301,200 bpd, down 0.07 percent from 2010, said the statement reviewing oil and gas production in the first nine months and plans for the last quarter.Construction of Nghi Son refinery, owned by Petrovietnam, Kuwait Petroleum International, Japan's Idemitsu Kosan Co and Mitsui Chemicals, has been delayed since the first quarter due to land clearance and preparation procedures, state media reported.Vietnam has picked a consortium including French oil services … [Read more...] about Petrovietnam to start Nghi Son refinery construction in Q4
Construction
Slow land clearance holds up construction
The Hanoitimes - Slow land clearance was the main factor behind the tardy progress of several construction projects in Ha Noi, notably the extension of National Highway No 5 and the Xuan Canh resettlement zone, according to the municipal People's Committee. As the committee said in its official dispatch sent to the municipal People's Council, unlike agricultural land, residential property was particularly difficult to clear, for example, in Dong Anh District. In Xuan Canh and Dong Hoi communes, there are a total of 150 uncleared households reported to have shown a lack of co-operation. This has prevented construction work from taking place.Fingers have been pointed at ambiguous policies regarding compensation and resettlement support that have stirred complaints and disputes among affected locals.On the other hand, the "unco-operative" families see the situation under a different light."The current compensation rate of US$145/square metre lags behind market prices and therefore fails … [Read more...] about Slow land clearance holds up construction
Construction tempo slows down
The Hanoitimes - Both civil and industrial construction projects remain stagnant for now and in the coming months in line with the economic slowdown despite prices of building materials have fallen, an industry source said. Pham Sy Liem, vice president of Vietnam Federation of Civil Engineering Association, told the Daily on Monday that the construction tempo was predicted to remain flat in upcoming months due to many macro-economic reasons. These include downsizing public investments, credit tightening and high interest rates. “As the economy encounters problems, public investment has fallen and the real estate market declined. Thus, the construction industry’s biggest customers are in trouble, prompting a decline in construction in the near future,” Liem said.To remedy the situation, Liem said, two things need to be done. one is to increase State investment in infrastructure development to create jobs and stimulate consumption of building materials to … [Read more...] about Construction tempo slows down
Construction begins on Ha Tinh-Vung Ang power line
The Hanoitimes - The construction of a 220KV Ha Tinh-Vung Ang power line running along Ky Anh, Cam Xuyen and Thach Ha districts of Ha Tinh Province has just kicked off on June 20. The power line of 220KV capacity and 500KV transmission will be connected to Vung Ang 1 and 2 thermoelectric plants. The construction is being carried out by the Central Vietnam Power Project Management Board of the National Electricity Transmission Corporation at a total capital of VND 542 billion (US$ 25 million). The work will be complete by 2012. BTA … [Read more...] about Construction begins on Ha Tinh-Vung Ang power line
State construction firm Lilama disappoints with IPO
Lilama Corporation, a state-owned contractor for many large power plants in Vietnam, ended its initial public offering on Thursday in a negative note, raising only 1.5 percent of its funding target, local media reported. The auction-style IPO attracted 112 individual investors who bought a total of 1.09 million shares at an average price of VND10,362 each, the Hanoi Stock Exchange was quoted as saying on Friday. It raised VND11.3 billion. Lilama planned to raise around VND740 billion ($32.6 million) through the sales of 35.5 million shares, equivalent to 23.7 percent of its charter capital. The company also planned to sell another 23.7 percent stake to a maximum of three strategic investors and another 1.6 percent to its employees. It is still unclear if the Ministry of Construction, which currently manages Lilama and expected to own a controlling stake of 51 percent after the privatization, will revise its plan following the unsuccessful IPO. Lilama, which has invested in 22 … [Read more...] about State construction firm Lilama disappoints with IPO