On February 25^th afternoon, in Hanoi, the joint venture signing ceremony was held to establish Vanphong Bonded Petroleum Terminal Joint Venture Company Limited. The joint venture purpose is to build an oil product storage tank in My Giang island (belonging to Van Phong bay, Khanh Hoa province) with the biggest capacity in Vietnam of 500,000 cbm in the first phase and 1 million cbm in the second phase; throughput volume of about 5-6 million cbm/year.

The total investment capital for the two phases is registered at $100 million. The joint venture comprises of 3 partners: Vietnam National Petroleum Corporation (55% of total capital); PB Tankers Limited- Singapore (30%), and Petrolimex Joint Stock Insurance Company – PJICO (15%).

Besides, a jetty with capacity to accommodate oil tankers of DWT 150,000 and other wharfs to handle tankers of DWT 500 – DWT 60,000 are to be built. Moreover, a causeway from My Giang island to mainland and other supplementary facilities will be constructed.

Brand new and modern technologies with automation processes introduced in many stages will be applied under international standards for the bonded oil terminals which are equally or even more advanced than those used by the other bonded oil terminals in the Asian region. The most modern and updated equipments for environmental protection, sea pollution prevention and fire fighting will be used by the investors.

The project will be implemented and put into operation in the periods of 30 months as of the issuance of Investment License by the Ministry of Planning and Investment. This is the biggest petroleum bonded terminal in Vietnam.