PVTrans put official brand-new step on product oil transportation market

To diversify transportation activities, PVTrans had established its new subsidiary, PVTrans Petro, having combined fund from its strategic shareholders in which PVTrans holds 51%, Scomi Marine BHD Malaysia (20%), Petrovietnam Insurance Corporation - PVI (10%), Petrovietnam Finance Corporation - PVFC (10%), Petrovietnam Trade Union Finance Investment Company PVFI (5%).

PVTrans Petro is the 7th subsidiary of PVTrans and has officially been operating since the end of April 2008 with Registration Certificate No.4103009978 dated 11 April 2008 by Department of Planning and Investment of HCMC. Its main business activity is transportation of product oil.

Right after the establishment, PVTrans Petro had signed the contract to purchase a 45,000 DWT product oil tanker and is currently finalizing purchase procedures. The vessel to be named “PVT Dolphin”, will be delivered on the first week of June 2008 and operated in regional market.

In 2008, PVTrans Petro will purchase another product oil tanker of 20,000 DWT, to join domestic transportation market, and to serve Oil Refinery No. 1 in Dzung Quat as soon as it starts in 2009.