PVN to invest $2.3 mil in oil dump, port in Phu Quoc

Update: March, 11/2015 - 08:49

A corner of Vung Ang oil dump invested by the PVN in central Ha Tinh Province. The group plans to build a bigger oil dump in Phu Quoc Island with a capacity of 100,000 cubic metres. — Photo

HA NOI (VNS) — The Viet Nam Oil and Gas Group, or PetroVietnam (PVN), plans to invest VND500 billion (US$2.3 million) in building an oil dump and port system in Phu Quoc Island District in the southern province of Kien Giang.

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

Investments can be made until 2017. If the project is approved by Kien Giang authorities, it will operate for 70 years. — VNS