Baron Point Petroleum signs joint venture with PetroVietnam Oil
Abu Dhabi-based Baron Point Petroleum and PetroVietnam, the national oil and gas company of Vietnam, engage in a joint venture for a US$150-million project in southern Vietnam.
The venture will finance, build and operate petroleum product pipelines, as well as storage space through a Bonded Terminal System at Phu Quoc Island, and source and trade petroleum products in international markets.
Baron Point Petroleum, which the majority of the company is owned by His Highness Sheikh Khalifa Bin Khalid Bin Ahmed Al Hamed, said it would undertake the investment, build and supply of the terminal system.
Phu Quoc Island will supply and store crude oil and refined petroleum products, as well as general bunker supply, for southern Vietnam and Southeast Asia.
The area being developed spans approximately 570 square kilometers.
“Growth prospects for the Bonded Terminal System include offtake of refined fuel in markets such as Vietnam, Cambodia, the Philippines, Myanmar, Indonesia and Singapore,” stated Baron Point.