Abu Dhabi’s Baron Point Petroleum signs joint venture for $150m Vietnam terminal

Abu Dhabi-based Baron Point Petroleum has announced a joint venture with PetroVietnam Oil Corporation for a $150m project in southern Vietnam.

The venture will finance, build and operate petroleum product pipelines and storage space through a Bonded Terminal System at Phu Quoc Island and source and trade petroleum products in international markets.

Baron Point Petroleum, which is majority owned by His Highness Sheikh Khalifa Bin Khalid Bin Ahmed Al Hamed, said it would undertake the investment, build and supply of the terminal system.

Phu Quoc Island will supply and store crude oil and refined petroleum products, as well as general bunker supply, for southern Vietnam and Southeast Asia.

The area being developed spans approximately 570 square kilometres.

“Growth prospects for the Bonded Terminal System include offtake of refined fuel in markets such as Vietnam, Cambodia, the Philippines, Myanmar, Indonesia and Singapore,” Baron Point said.