PVTrans Establishes PVKEEZ Joint Venture

VNStockNews.com - PetroVietnam Transportation Joint Stock Corp (PVTrans-PVT), Emas Offshore Construction and Production Pte Ltd (EOCP), Ezra Holding Limited and KSI Production recently signed a cooperation agreement to jointly establish PVKEEZ Joint Venture Co. for investment in conversion from crude carrier into FPSO vessel for Premier Oil Vietnam Offshore Co (POVO) at the block 12W in Chim Sao and Dua oil fields.

PVKEEZ Joint Venture Co will have an initial chartered capital of $150 million, of which PVTrans will contribute 16.6 percent stake.

As planned, FPSO vessel providing for POVO will be converted from Lewek Emas tank vessel, which has a storage capacity of 680,000 oil barrels. The conversion duration will be carried out within 18 months at Singapore's Keppel Shipyard. FPSO vessel will be put into operation for exploiting the first oil line in July 2011, in accordance with the development plan in the first phase of POVO's Chim Sao oil field.