Monday, December 10, 2007

Vietnam starts 1.6 trillion dong oil terminal

Van Phong Oil builds terminal

Vietnam's biggest and first oil and gas terminal project valued at 1.6 trillion dong will start construction on December 9 in the My Giang island, Ninh Phuoc commune, Ninh Hoa district in the Van Phong open economic zone in the southern province of Khanh Hoa.

The terminal will have an estimated storage capacity of one million cubic metres, of which 500,000 cubic metres will be completed in the first phase.

The terminal will be able to handle tankers of up to 150,000 dwt and equipped with modern technology. The project is carried out by the Van Phong Oil and Gas Warehouse Ltd Co.

The project is the cooperation between Vietnam Oil and Gas Corp with 55% of capital, Pjico Insurance Joint Stock Co with 15% and the Singapore-based PB Tankers Singapore Co with 30%. The project is expected to be in operational by 2009.