Petrovietnam's shipping arm PV Trans PVT.HM plans to invest up to $3 billion over the next seven years to upgrade its crude and oil product tanker fleet to meet demand from Vietnam's refineries, it said on 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-bpd Dung Quat plant.
Vietnam has set a target to have at least three major refineries by 2013 as part of efforts to reduce oil product imports, Petrovietnam has said.
Vietnam has set a target to have at least three major refineries by 2013 as part of efforts to reduce oil product imports, Petrovietnam has said.