The PetroVietnam Insurance Joint Stock Corporation (PVI) will provide risk insurance for the entire construction and installation process of the Bien Dong 1-Con Son Oilfield project with a total value of nearly US$1.3 billion.


To this effect, a five-year insurance contract was signed between PVI and the Bien Dong Petroleum Operating Company under the Vietnam Oil and Gas Group (PVN), in Ho Chi Minh City on November 22.
The Bien Dong 1-Con Son Oilfield project, wholly invested by PVN, is the largest offshore installation and construction project in Vietnam so far, with an estimated investment capital of about US$1.12 billion.
The same day, PVI announced the Southern Oil and Gas Insurance Company (PVI South) as the main provider of risk insurance policies for the Bien Dong 1 project.
Established in December 2009, PVI South not only develops oil and gas insurance services but also provides insurance policies for industrial clients in the southern market.
By the end of October 2010, PVI had recorded total revenue of over VND4 trillion or 111 percent of its yearly plan and a pre-tax profit of VND278 billion, fulfilling 85 percent of its annual target.