NSH Petro launched the first phase of its Soai Rap-Hiep Phuoc fuel storage depot project in Tien Giang province on Thursday, receiving its first 8,666 tons of imported condensate as a material to make petrol products.
The company’s new facility features a 21,400-cubic-meter tank B-01 and 12,000-cubic-meter tank B-04.
NSH Petro’s deputy CEO Phan Van Quang said his company will import more condensate. The firm, headquartered in Hau Giang, also a Mekong Delta province, had spent $18 million on shares in Hiep Phuoc Trading and Investment Company Limited to expand the warehouse.
The first-phase expansion upgraded the current 66,800-cubic meter storage facility and installed pipes and a 50,000-ton pontoon port.
Quang said the second phase will continue to invest in crude oil storage expansion and build a 500,000-ton condensate factory, which will produce two types of gasoline - Ron 95 and 92 E5, diesel oil, and liquefied gas.
NSH Petro, listed on the Ho Chi Minh Stock Exchange (HoSE) as PSH, runs over 550 fuel stations, covering nearly all the cities and provinces in the Mekong Delta.
Its shares closed Friday at VND9,760 ($0.42), up 6.67% against Thursday.