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Company News

VUNG TAU – A LONG-STANDING VIETNAM OIL AND GAS HUB

(5/8/2014)

Alongside the coastline in the South East of Vietnam lays Vung Tau city, a scenic peninsula of the country and a long - standing oil and gas hub recognized since 1984.

Vung Tau, endowed with beautiful beaches and favorable climate in which cool weather mainly dominates all year round, was considered as an ideal tourism destination for the French and other foreigners from the very first days of the 19th century. After more than 200 years, Vung Tau nowadays has still preserved its beauty and attractiveness to citizens and visitors.

Statistically, the city welcomes more than ten million local and international tourists per year in which foreigners account for 4-5% of the total. The tourism section contributed more than 2,895 billion Vietnam dongs (approx. 138 million US dollars) to the city total income last 2013, and is expected to see significant increase in the year 2014 after continuous efforts of the city have been stepped up to boost the tourism demand.

 In addition to tourism, oil and gas sector is said to be the mainstream service of the city. Since the first oil discovery was made in the Bach Ho Field, hydrocarbon exploration and production activities have been more vibrant. Various international oil companies (IOC) such as Petronas, Talisman, Premier Oil, ConocoPhillips, British Petroleum, Perenco, Gazprom,etc. have eyed on this promising land. Numerous investment activities have been made to exploit oil and gas in the area which till date turns Vung Tau to be a robust city and a main contributor to the country economy. 

 

Oil and gas infrastructure has also been accordingly well-developed to meet the demand of the growing industry in Vung Tau. Currently, PetroVietnam Technical Services Corporation (PTSC) with PTSC M&C as the major service arm, is the dominant player of the field possessing a number of state-of-the-art logistics ports and fabrication yards within the city including Vung Tau Downstream Port (82.2 ha) Phu My Port (26.5 ha), and Sao Mai Ben Dinh Port (63 ha in operation and 87 ha under development). Vietsovpetro - a joint venture formed between PetroVietnam and a Russian oil company named Zarubezhneft also possesses a fabrication yard of approximately 21 ha.

Taking a step further, the city has gradually invested in a number of satellite oil and gas industrial zones such as the refining of petrochemicals, processing of gas products, power generation, production of steels, chemicals, fertilizer, etc. Most of those related zones are located outside of Vung Tau City, in subareas such as Phu My, Ba Ria, Long Son in an attempt to spread out the potential benefits for other regions as well as to preserve the most favorable environment for tourism. Since then, a solid, full processing and well-connected hub of oil and gas in Vietnam has been revealing over times, in which Vung Tau stays at heart of the whole network. 

 

Looking forward into the future, it is certain that the City will continue making its amazing progress in economic development and contribution into national growth as in all those previous years. Oil and gas industry, alongside tourism will no doubt keep proving its irreplaceable positions in sailing the whole City business to prosperity.

PTSC M&C