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First petrol bonded depot under construction

VNGOP – The construction of Việt Nam’s first bonded petroleum-storage facility began in the Vân Phong Economic Zone in Ninh Hòa District of central Khánh Hòa Province on December 9.

12/11/2007 07:10

A bonded depot - Illustration photo

The depot is an investment of the Vân Phong Warehouse Company Ltd., a joint venture between the Vietnam National Petroleum Corporation (Petrolimex), its subsidiary Petrolimex Insurance Joint Stock Company (Pjico) and Singapore’s PB Tankers Ltd.

Nguyễn Văn Quế, Director of Vân Phong Warehouse, said the project has two phases, with the first phase costing US $100 million over 18 months.

The depot will be capable of holding 500,000 cu.m of petroleum at the end of the first phase, which will be doubled in the second phase, Quế said.

He added that the depot would be equipped with the latest environmentally friendly technology and would be able to handle 150,000 DWT-oil tankers.

According to Quế, the investor has hired a company from Singapore to manage the project.

(Source: VNA)