Vietnamese firm PETEC to spend $10 mln doubling oil storage capacity in northern Vietnam
Ho Chi Minh City-headquartered Petec Trading and Investment Corporation (PETEC) has decided to invest VND256 billion ($10 million) to double the capacity of its oil storage facility in the northern port city of Hai Phong.
Accordingly, it will build three 10,000-cubic-meter diesel oil storage tanks and one 10,000-cubic-meter RON96 petroleum storage tank at the Petec Hai Phong facility, the company stated last Friday.
PETEC is an arm of PVOIL - a subsidiary of state-owned energy giant Petrovietnam.
An oil storage warehouse of PETEC. Photo courtesy of the firm.
The project is expected to be completed by the fourth quarter of 2025. Upon completion, the Petec Hai Phong warehouse, spanning 7.4 hectares in Hai An district, will see its capacity increase from 41,000 cubic meters to 81,000 cubic meters.
Funding for the upgrade will be secured through a loan from South Korea’s Shinhan Bank Vietnam Limited, which has agreed to provide PETEC with up to VND120 billion ($4.7 million) over a 10-year term.
The expansion aims to provide PVOIL with additional capacity to lease and offer services to other customers.
Currently, PETEC operates four oil storage facilities located in Hai Phong, Da Nang, Vung Tau, and Vinh Long, with a combined capacity of 140,000 cubic meters.
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