Baron Point Petroleum signs JV with PetroVietnam Oil Corporation in US$150m project
Abu Dhabi, July 23, 2017 (Thomson Reuters)
- Mega-project at Phu Quoc Island, Vietnam to generate growth in the local area, significantly contributing to the modernization of the economy and supply channel in southern Vietnam
- Strategically located, the Bonded Terminal System is set to make Vietnam a force in Southeast Asian for crude oil and refined petroleum products
- H.H. Sheikh Khalifa Bin Khalid Bin Ahmed Al Hamed’s majority-owned Baron Point Petroleum seeks to finance the development and provide best-in-class, Abu Dhabi and American expertise
Abu Dhabi-based Baron Point Petroleum Services Company L.L.C. (“Baron Point Petroleum”) has joined hands and engaged a joint-venture (“JV”) with PetroVietnam Oil Corporation (“PV Oil”), the national oil and gas company of Vietnam, to finance, build and operate petroleum product pipelines and storage space in Vietnam, and to source and trade petroleum products in the international markets.
Set to positively contribute to the improvement of southern Vietnam’s economy, and the petroleum supply chain, the US$150 million Bonded Terminal System at Phu Quoc Island is strategically chosen to supply and store crude oil and refined petroleum products, as well as general bunker supply, catering to southern Vietnam and the broader Southeast Asia region. Growth prospects for the Bonded Terminal System include offtake of refined fuel in markets such as Vietnam, Cambodia, the Philippines, Myanmar, Indonesia and Singapore. Located at Dat Do point, An Thoi town, Phu Quoc District, Kien Giang province, the area being developed spans approximately 570 km2.
Baron Point Petroleum undertakes the investment, build, and supply of the Bonded Terminal System, which includes allocations of national strategic reserves to benefit the Vietnamese people. Developing in conjunction with regional and international strategic partners, the initiative will support Vietnam with top-tier international expertise and talent.
Chairman of Board of Members of PV Oil, Nguyen Hoang Tuan commented, “We are expanding by developing Phu Quoc Island and the southern Vietnamese supply channel in partnership with Baron Point Petroleum. This strategic development has attracted strong financial and energy market expertise and the resources needed to propel Vietnam’s growth.”
Baron Point Petroleum is majority owned by His Highness Sheikh Khalifa Bin Khalid Bin Ahmed Al Hamed, in partnership with an accomplished team of senior managers and experts headed by Managing Partner and Chief Executive Officer James Philip Coppola III. Drawing on its strategic placement in the global oil power-house center of Abu Dhabi, combined with its New York structuring expertise, Baron Point Petroleum provides PV Oil best in class skills, people and processes to support the national oil group’s growth.Speaking of the JV on his arrival back to Abu Dhabi, Mr. Coppola said, “We are honored to form a strategic relationship with PV Oil, and we will bring to bear the best of financial and energy market standards for the benefit of the Vietnamese people.”
In a joint signing ceremony in Ho Chi Minh City at PV Oil Headquarters, the two companies signed the JV Memorandum of Agreement (“MOA”), with the Chairman of Board of Members of PV Oil, the Managing Partner & Chief Executive Officer of Baron Point Group, as well as several members of the senior management team present at the PV Oil Headquarters. The team will conduct follow up meetings in Abu Dhabi with H.H. Sheikh Khalifa where knowledge transfer and development discussions will occur next month.