FINALISING THE PREPARING ACTIVITIES FOR DZUNG QUAT OIL REFINERY

To timely meet the operation of Dzung Quat Oil Refinery which begin in Febuary 2008, on 16th June 2008, PVOil and Dzung Quat Oil Refinery Project Management Board signed a three billion USD contract in which PVOil is the partner providing inbound crude oil and delivering all outbound product oil for Dzung Quat Oil Refinery in the year of 2009.

Also in this strategy, Petrovietnam assigned PVTrans to transport all of inbound crude oil as well as to be the main force undertaking outbound product oil transportation for the Refinery.

To realize Petrovietnam’s strategy, PVTrans and PVOil had signed a principle contract in which PVTrans will be the focal co-ordinator managing oil product transportation activites for Dzung Quat Oil Refinery.

Regarding to crude oil transportation, according to the assignment of Petrovietnam, PVTrans and PVOil are negotiating several last provisions in principle contract to speed up the signing and ensure the stable, safely and effective activity of Dzung Quat Oil Refinery. These contracts also create a stable market for PVTrans to become a reputable and leading oil and gas transportation company in Vietnam.

VTT - Admin Dept