DUNGQUAT: $US 1.5 AND MOREOVER!
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Although, Petrovietnam needs not to consult their partner approval before any decision making, however, the negotiation for contract agreement still not move forward as expected. In response to the press, News, Mr. Pham Quang Du, Chairman of Petrovietnam, said, it’s actually expected to come to mutual agreement on contract provisions within this period, so contract could be officially signed within 5 to 6 months later. In the case this plan is realistic; it is foreseeable that project completion will be middle of 2007 or beginning of 2008, the latest. As the consequence, project schedule has been delayed for 5 years till the first date of project sanction.
The reason explained for slow progress of main contract negotiation is said that project engineering criteria is required to be modified leading to an important budget over. To meet the new revised product criteria, like final gasoline product shall be at quality grade of Mogas 90, the minimum, instead of 80% of Mogas 85 as per existing engineering desi
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