The central coastal province of Khanh Hoa on May 29 issued a licence of investment for the construction of the Van Phong oil and gas logistics base worth 1.29 billion USD.

The project will include a seaport area, a yard for drilling platform and floating facility building and a compound of tanks for storage of oil and gas, liquefied petroleum gas and chemicals for the petroleum industry.

The construction is to kick off within this year and run until 2017 in two phases.

Tran Hai Binh, Chairman of the Sao Mai-Ben Dinh Oil and Gas joint-stock Company Managerial Board, which is the project’s investor, said the investment is expected to help ease the overloaded operation of logistics services for the oil and gas industry in the south./.