PetroVietnam Insures FSOVesselBuilding
PetroVietnam Insurance (PVI), an affiliate of Vietnam’s state oil monopoly PetroVietnam, insures the construction on construction of the floating storage and offloading (FSO) unit 5 (FSO-5) by Vinashin Business Group.
The contract with indemnity of US$120 million was signed by PVI and Vinashin in Hanoi on July 16.
FSO-5 is the biggest-ever vessel to be built by Vinashin. The facility will be undertaken by Vinashin’s Nam Trieu Shipbuilding Industry Corp. (Nasico).
According to Vinashin, FSO are commonly used in oil fields where pipelines linking the drilling platform with onshore facilities are either impossible or inefficient. The platform will transfer oil to the FSO where it will be stored until a tanker arrives.
Once completed after 14 months of construction, the FSO will be handed over to the Vietnam-Russian oil and gas joint venture (Vietsovpetro) for operation at Bach Ho (White Tiger) and Rong (Dragon) oilfields off southern coastal province of Ba Ria-Vung Tau.
PVI is an insurer that provides package insurance programs to all projects from equipment and goods transportation to warranty and responsibility for the third party, said its General Director Nguyen Anh Tuan.
PVI has recently signs a contract with indemnity of US$3 billion for Dung Quat oil refinery, the first in Vietnam, in five years until 2012. (Youth, VNS)
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