U$3.2bn oil refinery project license revokedA foreign-owned USD3.2-billion oil refinery project in the central coastal province of Phu Yen has had its investment license revoked due to slow implementation. Vung Ro oil refinery project has remained an empty land plot after 11 yearsThe news was reported by Le Van Thanh, head of the provincial management board for economic zones on March 8. The Vung Ro oil refinery project was jointly invested by UK-based Technostar Management Ltd and Russia's Telloil Group. Phu Yen authorities previously raised issues about the project’s problems to the prime minister for consideration. Vung Ro oil refinery project located in Hoa Tam Commune, Dong Hoa District was licensed in 2007 with the total investment of USD3.2 billion.