ASEAN KEY DESTINATIONS
PetroVietnam signs oil deal
PetroVietnam Exploration Production Corporation (PVEP) and partners, PTT Exploration and Production Pcl (PTTEP) of Thailand and Japan Gasoline Corporation on Sunday signed a US$451.3 million contract with Algerian state-owned oil firm Sonatrach.
PVEP and its partners have been commissioned to build an oil treatment centre, capable of treating 20,000 barrels a day; a gas transportation plant, capable of carrying 1 million cubic metres per day; two oil pipelines, an electricity generating plant and a water separation unit.
The facilities will be based at the Bir Seba mine in southern Algeria and will take 31 months to build.
Oil output is expected to reach 20,000 barrels a day by 2014 and 36,000-40,000 barrels in 2016. Under the deal, Sonatrach will receive 51 percent of the income of the oil produced.
PetroVietnam will be covering 40 percent of the cost of the project.
Meanwhile, Russian-Vietnamese oil and gas joint venture Vietsovpetro announced last Saturday it had successfully launched the 11,000-tonne Moc Tinh drilling platform – the biggest to have been made in Vietnam.
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