PetroVietnam bio-fuel plant closesThe Dung Quat Bio Ethanol Plant owned by the Vietnam National Oil and Gas Group (PetroVietnam) has ceased operations after racking up debts with three local banks. The report said the E5 bio-fuel products of the plant have not found markets in recent years so the plant is not in a position to repay the $59 million. Mired in debt, the Dung Quat Bio Ethanol Plant officially ceases operations. According to PetroVietnam, the plant has recorded major losses and put pressure on its capital. In order to retain employees it temporarily moved some to the Dung Quat Oil Refinery.

Source: VietNamNet News July 28, 2016 11:03 UTC