Quang Tri province authorities have agreed in-principle with a proposal to invest in a bonded warehouse for fuel by a joint venture of firms from Laos, Vietnam, and the U.S.
Quang Tri Vice Chairman Ha Sy Dong made the statement at a Wednesday meeting with the joint venture, featuring Laos' Sun Commercial Import-Export and Service Company Limited, Vietnam's BFA Trading Service Production Company Limited, and the U.S.'s Green Power Global LCC.
The joint venture introduced their 100-hectare oil refinery plant in Laos and urged Quang Tri province to assist it in determining a suitable location for fuel storage.
Besides, Dong asked the Southeastern Quang Tri Economic Zone and adjacent seaport areas to help investors with the survey. He also asked relevant authorities to aid the investors with the project while affirming the province would provide the best conditions, including site clearance and land delivery.
After the working session, provincial authorities accompanied the joint venture to survey the Southeastern Quang Tri Economic Zone.
The economic zone is now also home to another Laotian project, namely Viet Lao petroleum storage at Nam Cua Viet seaport, Trieu Phong district.
The 18-hectare project, funded by Viet Lao Petrol Oil Investment JSC, has an investment of VND1,120 billion ($47 million). Initiated in 2020, the project was set to complete its first phase in July 2024 and fully finish in 2027.
As a landlocked nation, Laos regularly conducts trade activities via seaports in Vietnam, its neighbor. Per an agreement signed by the two transport ministries for cooperation until 2025, Laos can send it goods via any seaports in Vietnam.