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 11730 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
Michael Kors Presents Spring 2018 Jewelry
Max Fashion #ForgetFilters Campaign Celebrates Living for the Moment
Malabar Gold & Diamonds makes historic gain Opens 11 showrooms in a day across 6...
IKEA Welcomes Children in-store to Spread Love for the Arabic Language as Part o...
Sports Bras Banishing Bounce by 83% arrive in store
LG Exploring New Commercial Opportunities With Expanding Robot Portfolio
Transform Your Lips With Glitter Flip Liquid Lipsticks from Ciaté London
We Sheet You Not! Foreo Announces End of Face Mask Epidemic
Transform Your Skin In 2018 with QNET's Revolutionary Elixa Skincare
Experience the ultimate beauty extravaganza as MyBeautyFest kicks off with the i...
Qabala joins Air Arabia's Azerbaijan network
Golden Bridge Rectangle Diamonds designed to dazzle
Michael Kors Presents Spring 2018 Watches
AIGNER Love
New Year, New Skincare!
Bubble Clown by Matt Barnes
Coach presents the Grand Stainless Steel Bracelet Watch Collection
OMEGA and Pyeongchang 2018
Land Rover's 70th Anniversary Begins With Restoration of ‘Missing' Original 4x4
Garden Party Style and Cult Classics: Swatch Launches Spring-summer 2018 Collection
Corum Bubble Art For Those Who Appreciate A Work Of Art
Shimmering Gilda takes on a silvery sheen
Marine Torpilleur Military made for men who chart their own destiny
Joyalukkas grows presence in Singapore with new showroom on Serangoon Road
New Year – New Savings now with Al-Futtaim Honda
Spring/Summer 18' Beauty Picks from Missha Cosmetics
Samsung Delivers Vision for Open and Intelligent IoT Experiences to Simplify Eve...
Samsung Electronics' 2018 Smart TVs Become First to be Industry-Certified for En...
Scuderia Ferrari presents the latest RedRev Watch Collection
Dubai Culture Organises ‘Carnival of Ideas'
EUROSTAR presents seven global tech majors at CABSAT 2018
Signature Scents for Your Home
Malabar Gold & Diamonds strengthens its global position as a leading jewellery r...
Nissan and NASA extend research into autonomous mobility services
Nissan reaffirms importance of electrification at World Future Energy Summit
World Future Energy Summit's inaugural Mobility Conference to discuss future of ...
Dubai Tour team line-up announced: 16 teams of seven riders at the start
Abu Dhabi Quality and Conformity Council Completes Verification of Fuel Meters a...
Mashreq Bank offering credit cards for every passion
Renault-Nissan-Mitsubishi Launches a Venture Capital Fund to Invest Up to $1 Bil...
Panasonic Jaguar Racing Set Their Sights on Marrakesh E-Prix
HP Fuels the Future of Computing at CES 2018
Mido's Baroncelli Prisma - A sparkling play of prisms enhanced by 51 diamonds'
Governments to Signal Support for IRENA Key Role in Global Energy Transformation
ZAKK Air specialised headset for athletes launched in UAE
LG's Award-winning 4k Uhd Projector to Debut at CES 2018
HH Sheikh Hasher Bin Maktoum Al Maktoum opens CABSAT 2018
Dallas Picks Ericsson for Smart Cities Traffic Solution
Property Remains Preffered 2018 Investment Asset for UAE Residents
His Highness Sheikh Hasher bin Maktoum bin Juma Al Maktoum Visits du's Stand on ...