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 cubic meters of oil and gas in the first phase and 110,000 cubic meters by 2015, making it the biggest of its kind in northern central Vietnam.

Nguyen Xuan Son, Chief Executive officer (CEO) of the PetroVietnam 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 stabilizing 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 US$12.4 million) in the first phase.

PV Oil Vung Ang is scheduled to provide almost 300,000 cubic meters of petroleum for the market and contribute over VND100 billion ($4.8) to the State coffer in 2011.

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