KUALA LUMPUR: Yinson Holdings Bhd
's joint venture with PetroVietnam Technical Services Corp has inked a contract with Phu Quoc Petroleum Operating Company for the charter of a floating storage and offloading vessel for the Block B field, offshore Vietnam.
PTSC South East Asia Pte Ltd, is a 49:51 joint venture between Yinson Production Capital Pte Ltd - an indirect wholly-owned subsidiary of Yinson - and PetroVietnam Technical Services Corporation.
In a filing with Bursa Malaysia, Yinson said the contract is estimated to have a duration of 14 years with the option to extend for up to nine years.
Including the possible extension period, the contract could have a value of about US$600mil.
Blocks B&48/95 and 52/97 are located southwest offshore Vietnam with a sea water depth of 77-80m, about 250km and 400km respectively to the Ca Mau Province and the O Mon Power Complex.
The framework for the project development is to supply gas (5,073.5 MMscm per year) to the targeted customers in three areas of the southwest region of Vietnam, which contributes to fulfilling the rising energy demand in the southwest area and provides economic gains for the government of Vietnam, Petrovietnam and the investors.
