Abu Dhabi oil company signs $150m joint-venture with Vietnam

Abu Dhabi

Abu Dhabi-based Baron Point Petroleum has entered in to a joint-venture (JV) with PetroVietnam Oil Corporation, the national oil and gas company of Vietnam, the company said in a statement on Sunday.

Baron Point Petroleum has agreed to finance, build and operate pipelines and storage space in Vietnam, and to source and trade petroleum internationally.

The $150 million Bonded Terminal System at Phu Quoc Island is strategically chosen to supply and store crude oil and refined petroleum products, as well as general bunker supply.