PetroVietnam Insurance (PVI) decided to enter a 120 million USD insurance contract for construction of the floating storage and offloading unit 5 (FSO-5) by the Viet Nam Shipbuilding Industry Corporation (Vinashin).
The contract was signed by PVI and Vinashin in Ha Noi on July 16.
FSO-5 is the biggest ever shipbuilding project in the country currently carried out by Vinashin.
According to Vinashin, FSOs are commonly used in oil fields where piplines linking the drilling platform with onshore facilities are either impossible or inefficient. The platform will transfer oil to the FSO where it will be stored until a tanker arrives.
Once completed after 14 months of construction, the FSO will be handed over to the Viet Nam-Russian Oil and Gas Joint Venture (VietsovPetro) for operation at Bach Ho (White Tiger) and Rong (Dragon) oil fields off southern coastal province of Ba Ria-Vung Tau.
PVI is an insurer that provides package insurance programmes to all projects from equipment and goods transportation to warranty and responsibility for the third party, said its General Director Nguyen Anh Tuan.
Source: VNA
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