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 c.m of oil and gas in the first phase and 110,000 c. m by 2015, making it the biggest of its kind in northern central Vietnam.
Nguyen Xuan Son, Chief Executive Officer (CEO) of the PetrolVietnam 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 257 billion VND (roughly 12.34 million USD) in the first phase.
The PV Oil Vung Ang is scheduled to provide almost 300,000 c. m. of petroleum for the market and contribute over 100 billion VND to the State coffer in 2011.