PetroVietnam Transportation, a subsidiary of State owned oil giant PetroVietnam Group, has announced plans it will invest more than 1.1 billion USD into major projects between 2007-2010, according to CEO Bui Tho Manh.
PV Trans, which is charged with facilitating all of PetroVietnam Group's transportation solutions, is set to build three 105,000-tonne oil tankers and seven freighters at a cost of close to 454 million USD.
An additional 152 million USD will be poured into the construction of a services complex at the Dung Quat economic zone, apart from several other properties development projects.
The company has in large part generated the needed capital for its expansion from a successful public share issuance it held on December 28, 2006.
Source: VNA
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