North-central region’s largest oil storage opens

February 14, 2011 | 16:21

(0) user say

Permanent Deputy Prime Minister Nguyen Sinh Hung on February 13 cut ribbon for inauguration of the Vung Ang oil general storage in the central coastal province of Ha Tinh.

The project has been designed to store 60,000 cubic metres of oil and gas in the first phase and 110,000 cubic metres by 2015, making it the biggest of its kind in northern central Vietnam.

Nguyen Xuan Son, CEO of the PetrolVietnam Oil Corporation (PV Oil), said the Vung Ang storage would provide oil and gas for northern central provinces , including economic zones in Vung Ang and regional border gates, as well as the northern region so as to contribute to stabilising petroleum prices.

The project has been built on an area of eight hectares of land by the Vung Ang Petroleum and Oil Joint Stock Company (PV Oil Vung Ang) since October 2007 at a cost of over VND257 billion (roughly $12.8 million) in the first phase.

The PV Oil Vung Ang is scheduled to provide almost 300,000 cubic metres of petroleum for the market and contribute over VND100 billion to the state coffer in 2011.

VIR/VNA

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional