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Under the joint venture plan, the Mekong Company will contribute 70 per cent of the capital, while the remaining 30 per cent will be offset by Can Tho Company.
Developer Can Tho Company also asked to scale down the project’s investment from $538 million to $350 million, but still maintain the production capacity at two million tonnes per year.
The first phase of production will be one million tonnes of products per year. Land lease area also fell to 50 hectares, down 200ha against the initial plan.
The Can Tho oil refinery project was licenced in May 2008 with the Can Tho Oil Refinery Company acting as the developer which earlier failed in its tie-up plan with three foreign partners.