PetroVietnam launches transportation arm

20/09/2007 -- 11:16 AM

HCM City (VNA) – The PetroVietnam Transportation Corporation (PV Trans) made its debut in Ho Chi Minh City on September 19, announcing that it will list on the stock exchange in the first quarter of this year. Addressing the launching ceremony, PV Trans Chairman Bui Tho Manh said the corporation will build a strong fleet of oil tankers and specialised ships to meet the domestic oil and gas sector’s transportation demand. Total investment into PV Trans’s fleet will reach 2-3 billion USD in the 2007-2015 period, the chairman further said. He went on to say that apart from transportation services, PV Trans will engage in technical, logistical, financial and commercial services. On the occasion, the corporation signed a principle agreement on transporting oil for the Dung Quat Oil Refinery with PetroVietnam and an agreement on liquefied natural gas import, transportation and sale with PetroVietnam Gas Corporation and PetroVietnam Power Corporation. A deal on crude and refined oil transportation was also reached with ST Shipping and Transportation Pte. Ltd., a subsidiary of Glencore of Switzerland.-Enditem
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