SEOUL -- South Korean and Vietnamese companies will push ahead with the delayed construction of a $250-million underground oil storage terminal in the Dung Quat zone in central Vietnam from the third quarter of this year.

Initially, PetroVietnam Oil Stockpile (PVOS), a unit of Vietnam's state-run oil and gas group PetroVietnam, was allowed to start building the storage facility with a total storage capacity of one million cubic meters in 2016, but construction has been delayed for various reasons. The Dung Quat zone has Vietnam's largest refinery.

A new joint development agreement was signed between PVOS and South Korean companies including Korea National Oil Corporation (KNOC), LT Sambo, Koramco Asset Management and Korea Overseas Infrastructure & Urban Development Corp. (KIND), a state entity that supports overseas investment projects.

KNOC, a state oil and gas company, is responsible for technological support, operation and management, while Koramco Asset Management is in charge of business development and financing.

LT Sambo will form a consortium with Pields Engineering, a South Korean petrochemical company, to participate in design, procurement and construction as well as technical support and equity investment. KIND will participate as a financial investor.

 

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