PetroVietnam branches tie up for $245 mln gas storage project
Three branches of Vietnam’s state-run oil and gas co, PetroVietnam have entered into a cooperation deal to invest US$245 million in gas cargo facilities and warehousing.
Following the deal signed Wednesday three branches of the company, PV Trans, PV Gas South and PV Gas North will establish a joint stock company to operate the project.
In the first phase, the new entity will invest $45 million, 70 percent of which will be contributed by PV Trans in buying four vessels to carry liquefied petroleum gas (LPG) products.
More that $200 million has been earmarked for the second phase of the project in building a warehouse and more vessels for LPG and liquefied natural gas.
The three companies plan to start the project this year.
The Ho Chi Minh City-based PV Trans, full name of PetroVietnam Transportation Company launched an initial public offering late last year via an auction of 25.7 million shares on the HCMC bourse.
The IPO is a part of its plan to raise its chartered capital to VND1.9 trillion ($118 million) from the current VND720 billion by 2010.
Source: Tuoi Tre – Compiled by Dong Ha
