Despite the recent period of global economic uncertainty, Vietnam continues to be a destination for signifi cant international investment.

The $9 billion petroleum refi nery project is the largest foreign investment project in Vietnam’s history and one of the largest in South East Asia.

The project received its investment certifi cate in 2008, establishing Nghi Son Refi nery and Petrochemical Company Limited Liability Company (NSRP) as a joint venture company owned by Idemitsu Kosan of Japan, Kuwait Petroleum of Kuwait, PetroVietnam of Vietnam and Mitsui Chemicals of Japan.

It has been a true international affair, bringing together investors from Vietnam, Kuwait and Japan, contractors from Japan, Korea, France and Malaysia, and fi nanciers from seven state-owned export credit agencies and 33 commercial banks.

The construction phase of the project commenced in August 2013. The refi nery is due to commence operation in 2017.

According to Construction Partner Michael Hollingdale: ‘The refi nery will be located on a 400-hectare coastal site in Thanh Hoa province, a four-hour drive south of Hanoi. Due to the size, scale and complexity of the project, it will be delivered under an engineering, procurement and

construction (EPC) contract.

‘NSRP’s Project Team worked collaboratively for weeks at a time and in multiple locations with the EPC contractor consortium and project management contractor to fi nalise negotiations for this signifi cant development project,’ he added.

While it is a fi rst for Vietnam, foreign investment of this scale is destined to become the norm, said Allens Partner Bill Magennis, who has led the Allens team of more than 30 lawyers working on the matter for a number of years.

‘This high-profi le and award-winning transaction has brought together organisations from different countries, sectors, time zones and jurisdictions, and involved the negotiation of 140 project documents,’ he said.

‘It has required a range of experts to advise on and manage the various stages of the project: from feasibility, project fi nance, corporate structuring and construction, to environment, planning, oil and gas law, employment and procurement.

‘This is a country-changing transaction and the start of many more to come.’

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Case study

Nghi Son Refi nery, Vietnam

Allens is an independent partnership operating in alliance with Linklaters LLP. www.allens.com.au

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