PV Trans to invest $3 billion in tanker fleet

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PV Trans to invest $3 billion in tanker fleet
PetroVietnam's shipping arm PV Trans plans to invest up to US$3 billion over the next seven years to upgrade its crude oil product tanker fleet to meet demand from Vietnam's refineries, it said Monday.

The Ho Chi Minh City-based company said in a statement it also aims to expand its businesses to operating floating storage and offloading vessels for Vietnam's crude oil producers.

Last week, PV Trans secured a $175 million loan from a group of foreign banks led by Citigroup to purchase three Aframax oil tankers to transport crude oil for Vietnam's first refinery, the 140,000-barrelsper-day Dung Quat plant.

Vietnam has set a target to have at least three major refineries by 2013 as part of efforts to reduce imports of oil product, Petrovietnam has said.

Source: Reuters

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