Petrovietnam Transportation Corporation (PV TRANS) declared new projects as follows:
On January 12th 2010, Petrovietnam Transportation Corporation signed a cooperative agreement with Emas Offshore Construction & Production Pte Ltd (EOCP) to supply operation and maintenance services to FPSO of Sao & Dua Project. The agreement is worth US$140 million and lasts 12 years.
On the same day, a contract on supplying FPSO to Sao Mine was signed by Premier Oil Vietnam Offshore B.V (POVO), Petrovietnam Transportation Corporation (PV TRANS), Emas Offshore Construction & Production Pte Ltd (EOPC) and PetroVietnam Finance Joint Stock Corporation (PVFC). The contract costs near US$1 billion in 12 years.
To execute the project, the winning contractors will set up PV KEEZ joint-venture, registered to operate in Singapore. Total investment is about US$405 million, in which: PV Trans: 16.6%, EOCP: 26.7%, EZRA Holding Limited: 36.7%, KSI Production Pte: 20%.
FPSO supplied to POVO will be changed from Aframax ship which has a capacity of VND680,000 barrel. The change will be made within 18 months in Keppel Shipyard (Singapore). It is scheduled to begin exploiting oil in July 2011, according to the first stage of Sao development plan of POVO.
In the ceremony, PetroVietnam Finance Joint Stock Corporation (PVFC) and VietNam Joint Stock Commercial Bank For Industry and Trade (Vietinbank) also committed to finance US$252 million to build Floating Production, Storage and Offloading (FPSO) for Sao Mine at Block 12W of Vietnamese offshore in 6 years and a 2-year grace period.