The project worth a hefty VND27.4 trillion, or US$1.3 billion, in registered capital will be developed by PetroVietnam Gas Corporation (PV Gas), including processing facilities on a 72.5-hectare area in Long Dien District near Vung Tau.
Bui Ngoc Quang, deputy general director of PV Gas, said the Nam Con Son 2 gas pipeline project is the nation’s key oil and gas project. The project consisting of 325 kilometers of offshore pipeline, some 40 kilometers of onshore pipeline and a gas processing plant based in Dinh Co is estimated to start service in the last quarter of 2014.
The project will help deliver gas from Nam Con Son and Cuu Long basins to inland facilities to supply household consumption in the southeast region, as well as transport the imported gas sources from regional countries.
The gas pipeline project is one of the four projects awarded with investment certificates on Tuesday at the Investment Day 2012 held by Ba Ria-Vung Tau. All four projects are locally invested worth over VND29.1 trillion in registered capital, and are equal to 30% of the province’s investment attraction target for this year.
Together with the Nam Con Son gas pipeline project, Vung Tau House Development Joint Stock Company will develop Phuoc Thang Urban on an area of 75 hectares in Ward 12, Vung Tau City with nearly VND1.5 trillion in investment capital. Meanwhile, the Import Export International Cooperation and General Investment Corporation (Gelexim Corp.) will invest VND226 billion in the Gelexim Waterway Port covering 3.5 hectares in Kim Dinh Ward, Ba Ria Town.
Vice Chairman Ho Van Nien of Ba Ria-Vung Tau said these projects were in the fields important to the province, namely industry, property and services.
Also at the event on Tuesday, the provincial government honored the investors of big-scale projects that have completed constructions and put to use in 2011 despite the economic woes. Such projects are the Ho Tram tourism project developed by Ho Tram Project Company, Cai Mep International Terminal, the soybean crushing plant of Bunge Vietnam Company, and the food container factory of LLG Vina Company.
The aforesaid projects have made a significant contribution to the high amount of disbursed capital in the province last year. In particular, the province only attracted some US$950 million of fresh foreign direct investment (FDI) and over VND12 trillion of local investment in 2011, but the realized capital reached over US$1.2 billion and VND8 trillion.
Chairman Tran Minh Sanh of Ba Ria-Vung Tau said the province would continue to reform administrative procedures to facilitate and support investors to quicken project deployment as well as to sound out investment opportunities.
SGT
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