Baron Point Petroleum, PetroVietnam Oil Corporation create JV to build Bonded Terminal System
The JV between Abu Dhabi-based Baron Point Petroleum and PetroVietnam Oil Corporation plans to finance, build and operate petroleum product pipelines and storage space in Vietnam, and to source and trade petroleum products in the international markets.
Abu Dhabi-based Baron Point Petroleum Services Company has joined hands and formed a joint venture with PetroVietnam Oil Corporation.
The joint venture plans 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 thvietname petroleum supply chain, the US$150 million Bonded Terminal System at Phu Quoc Island will supply and store crude oil and refined petroleum products, as well as general bunker supply, catering to southern Vietnam and the broader South East 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 square kilometres.
Baron Point Petroleum will undertake the investment, construction, 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.
Nguyen Hoang Tuan, chairman, board of members, PetroVietnam Oil Corporation, 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 HH Sheikh Khalifa Bin Khalid Bin Ahmed Al Hamed, in partnership with an accomplished team of senior managers and experts headed by managing partner and CEO James Philip Coppola III.
Drawing on its strategic placement in the global oil power-house centre of Abu Dhabi, combined with its New York structuring expertise, Baron Point Petroleum provides PetroVietnam Oil Corporation best-in-class skills, people and processes to support the national oil group’s growth.
Speaking about the joint venture, Coppola said: “We are honoured to form a strategic relationship with PetroVietnam Oil Corporation, and we will bring to bear the best of financial and energy market standards for the benefit of the Vietnamese people.”
During a ceremony in Ho Chi Minh City at PetroVietnam Oil Corporation headquarters, the two companies signed the joint venture memorandum of agreement, with Tuan and Coppola, as well as several members of the senior management team.