A ceremony to welcome the first oil flow through the underground pipeline system into the floating storage vessel FPSO Ruby II was held in Vung Tau City on July 15. The event marks an important milestone, the official start of operations for oil exploitation of the FPSO Ruby II.
The event was jointly held by Petroleum Technical Service Corporation (PTSC) and Malaysia International Shipping Corporation Sdn Bhd (MISC).
The FPSO Ruby II will be rented by Petronas Carigali Vietnam Limited (PCVL) to exploit crude oil from the Hong Ngoc oil field, said a representative from PTSC.
At the ceremony, a representative from the PCVL gave the PTSC and MISC an official performance agreement; the contract marks a new phase for FPSO Ruby II.
The FPSO Ruby II is expected to bring US$165,000 per day to PTSC and MISC.
FPSO is owned and operated by Vietnam Offshore Floating Terminals (VOFT), a joint venture company between PetroVietnam Technical Services Corporation (PTSC) and partner MISC Malaysia, of which PTSC holds 60% capital.
On the same day, Polypropylene Plant, a unit of Dung Quat Oil Refinery located in the Dung Quat Economic Zone, introduced the first batch of polypropylene.
The plant started construction in February 2008, with a total investment capital of $235 million and capacity to exploit 150,000 tons of polypropylene per year.
Drilling Mud Corporation and PetroSetco will use all polypropylene products in the short-term future.
The plant is expected to be handed over in September 2010, with turnover $170-200 million per year.