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PVN to invest US$2.3 million

Mar 11th at 13:30
11-03-2015 13:30:12+07:00

PVN to invest US$2.3 million

The Vietnam Oil and Gas Group, or PetroVietnam (PVN) plans to invest VND500 billion (US$2.3 million) in building an oil dump and logistics port system.

It will be built in the Phu Quoc Island District of the southern province of Kien Giang.

During a meeting with provincial authorities, PVN proposed to build the project spread over 32 hectares (ha) of land and nearly 60 ha of sea. The oil dump will be designed to contain about 100,000 cubic metres, while the port system will serve vessels, which have a deadweight tonnage (DWT) of between 15,000 DWT and 30,000 DWT.

The investment in the project will be made from this year till 2017. If the project is approved by the Kien Giang authorities, it will operate for 70 years.

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