GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share
  • Mega-project at Phu Quoc Island, Vietnam to generate growth in the local area, significantly contributing to the modernization of the economy and supply channel in southern Vietnam
  • Strategically located, the Bonded Terminal System is set to make Vietnam a force in Southeast Asian for crude oil and refined petroleum products
  • H.H. Sheikh Khalifa Bin Khalid Bin Ahmed Al Hamed's majority-owned Baron Point Petroleum seeks to finance the development and provide best-in-class, Abu Dhabi and American expertise
Abu Dhabi, 23 July 2017: Abu Dhabi-based Baron Point Petroleum Services Company L.L.C. (“Baron Point Petroleum”) has joined hands and engaged a joint-venture (“JV”) with PetroVietnam Oil Corporation (“PV Oil”), the national oil and gas company of Vietnam, to finance, build and operate petroleum product pipelines and storage space in Vietnam, and to source and trade petroleum products in the international markets.
Set to positively contribute to the improvement of southern Vietnam's economy, and the petroleum supply chain, the US$150 million Bonded Terminal System at Phu Quoc Island is strategically chosen to supply and store crude oil and refined petroleum products, as well as general bunker supply, catering to southern Vietnam and the broader Southeast Asia region. Growth prospects for the Bonded Terminal System include offtake of refined fuel in markets such as Vietnam, Cambodia, the Philippines, Myanmar, Indonesia and Singapore. Located at Dat Do point, An Thoi town, Phu Quoc District, Kien Giang province, the area being developed spans approximately 570 km2.
Baron Point Petroleum undertakes the investment, build, and supply of the Bonded Terminal System, which includes allocations of national strategic reserves to benefit the Vietnamese people. Developing in conjunction with regional and international strategic partners, the initiative will support Vietnam with top-tier international expertise and talent.
Chairman of Board of Members of PV Oil, Nguyen Hoang Tuan commented, “We are expanding by developing Phu Quoc Island and the southern Vietnamese supply channel in partnership with Baron Point Petroleum. This strategic development has attracted strong financial and energy market expertise and the resources needed to propel Vietnam's growth.”
Baron Point Petroleum is majority owned by His Highness Sheikh Khalifa Bin Khalid Bin Ahmed Al Hamed, in partnership with an accomplished team of senior managers and experts headed by Managing Partner and Chief Executive Officer James Philip Coppola III. Drawing on its strategic placement in the global oil power-house center of Abu Dhabi, combined with its New York structuring expertise, Baron Point Petroleum provides PV Oil best in class skills, people and processes to support the national oil group's growth.
Speaking of the JV on his arrival back to Abu Dhabi, Mr. Coppola said, “We are honored to form a strategic relationship with PV Oil, and we will bring to bear the best of financial and energy market standards for the benefit of the Vietnamese people.”
In a joint signing ceremony in Ho Chi Minh City at PV Oil Headquarters, the two companies signed the JV Memorandum of Agreement (“MOA”), with the Chairman of Board of Members of PV Oil, the Managing Partner & Chief Executive Officer of Baron Point Group, as well as several members of the senior management team present at the PV Oil Headquarters. The team will conduct follow up meetings in Abu Dhabi with H.H. Sheikh Khalifa where knowledge transfer and development discussions will occur next month.


Posted by : GoDubai Editorial Team
Viewed 9882 times
Posted on : Sunday, July 23, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Petrofac Strengthens Iraq Presence With Contracts Worth US$100 Million
Next Story : ADNOC Distribution Opens Seah Al Saram Service Station in Fujairah
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Huawei unveils the long-awaited HUAWEI Mate 10 and HUAWEI Mate 10 Pro
Level Shoes Hosts Christian Louboutin for “Dear India”
Glamazle.com introduces Super Matte ‘Glambry' lip tints for the perfect pout
ICONIC Youth Fashion Show Experience
SCTDA ‘My Destination' Program Kicked Off with SUC Students
Diamonds Are Everyone's Best Friend! VOD Dubai International Jewellery Show 2017...
PUMA X Photographer Gunner Stahl For Autumn/Winter 2017
The Rado True Shadow - Limited edition timepiece co-created with Japanese design...
Beauty Night Is Back at Sheraton Dubai Creek
Reinventing Raymond Weil's Emblematic Chronograph - The Refined Swiss Watchmakin...
The Lacoste 12.12 Kids Collection
MICHAEL Michael Kors: Fall 2017 Sadie Large Leather Satchel
Dubai Chamber concludes high-level trade mission to Malta
Versace Fall/Winter 2017 Collection
GUESS Launches Stunning Array of Collections for Fall17
Glambox.me - Get Glam On The Go
Coffee at the touch of a button with ‘Quespresso'
Maserati Merchandise Products
Introducing FitFuse by COÉGA Sunwear
Humaid Mohammed Al Qatami, Director General, Dubai Health Authority Officially O...
More café re-opens its doors
Renault KOLEOS achieves five-star Euro NCAP rating
Regional Storytelling Takes Centre Stage at DIFF With Muhr Feature Category
‘brands4u', the biggest factory outlet opens in Reef Mall, Dubai
Career of Egyptian Writer Wahid Hamed to Be Honoured With Arab Lifetime Achievem...
RAYMOND WEIL'S Freelancer Ladies - The Ideal Ally for the Modern Active Woman
Airbus and Bombardier Announce C Series Partnership
CNN's Marketplace Middle East uncovers the DIFC's central role in Dubai's econom...
The Dubai Mall celebrates Diwali with a splash of colour
Seagal Shows Off the Stunning Jules Verne Instrument II from Louis Moinet.
Partnership between Roger Dubuis and Emirates Airline Foundation
Johnson's Baby Cleans Up the Clutter for Millennial Mums at Exclusive Event
Peugeot on the Podium at Rallye Du Maroc: Ready to Tackle Dakar 2018 After a Pro...
Celebrate festival of light at home with your loved ones
Kalimat Group Brings Arabic Literature to the Fore at Frankfurt Book Fair
Trend Alert: Think Pink
40 schools joined the 4th Young Business Talent Hunt 2017
F&B October Listings 2017 | Palace Downtown
Robinsons Launches the Hall of Fashion and Accessories
Dari Home opens in The Dubai Mall
Jafza named best free zone in the world for large companies
UAE to host the region's first women's only soccer tournament Global Goals World Cup
UAE Exchange Introduces Enhanced Lounge Experience to Deliver Premium Customer S...
Tissot, Official Timekeeper of the 18th Asian Games Jakarta Palembang 2018
Join Us if You Dare for a Halloween Scare at Tub of Butter
First A330neo successfully completes maiden flight
Fillerina's 14-day Dermo-Cosmetic Treatment Kit delivers quick and effective fix
Gulftainer Wins Port and Terminal Operator Award at Seatrade Maritime Awards 2017
World Green Economy Summit (WGES) 2017 to shed light on how smart cities have be...
World Green Economy Summit (WGES) 2017 underlines key initiatives and strategies...