North-central region’s largest oil storage opens
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 c.m of oil and gas in
the first phase and 110,000 c. m by 2015, making it the biggest of its
kind in northern central Vietnam.
Nguyen Xuan Son,
Chief Executive Officer (CEO) of the PetrolVietnam Oil Corporation (PV
Oil), said the Vung Ang storage will 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 257 billion VND (roughly 12.34 million USD) in the first
phase. The PV Oil Vung Ang is scheduled to provide almost 300,000 c. m.
of petroleum for the market and contribute over 100 billion VND to the
State coffer in 2011./.