NSH Petro JSC, a major fuel supplier based in Vietnam’s Mekong Delta, is set to inaugurate the first phase of its Soai Rap-Hiep Phuoc fuel storage depot in Tien Giang province on April 30.
NSH Petro’s project in the Mekong Delta province got the green light from the General Department of Customs on Tuesday, featuring a 21,400-cubic-meter tank B-01 and 12,000-cubic-meter tank B-04.
Phan Van Quang, deputy CEO of NSH Petro, noted the expansion project was given the nod by provincial authorities after NSH Petro had spent $18 million on shares in Hiep Phuoc Trading and Investment Company Limited. The first-phase expansion upgraded the current 66,800-cubic meter storage facility and installed pipes and a 50,000-ton pontoon port.
The second phase will continue to invest in crude oil storage expansion and a 500,000-ton condensate factory, in line with encouragement from the Ministry of Industry and Trade and Tien Giang authorities.
NSH Petro, based in Chau Thanh district, Hau Giang province, operates in multiple sectors, including oil-gas, petroleum logistics, construction, tourism, restaurants, hotels, rest stop stations, high-tech agriculture, and fisheries.
As of the end of 2022, the firm’s registered capital had exceeded VND1.26 trillion ($53.63 million) with seven subsidiaries, 27 dependent branches, and three joint ventures.
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.
PSH shares inched down 2.31% to VND6,340 ($0.27) on Wednesday.