Comprising oil storage tanks, the VND5.6 trillion ($260m) terminal will tap gas fields in the blocks B, 48/95 and 52/97, which are located 120km southwest of Phu Quoc.
PetroVietnam acquired stakes in the blocks from US oil major Chevron after acquiring all of its upstream assets in Vietnam earlier this month.
Petrovietnam members’ council chairman Nguyen Xuan Son earlier said: "The Block B gas project is Petrovietnam’s main oil and gas project."
Vietnamese authorities earlier estimated the blocks to hold gross gas at 170 billion cubic meters (bcm) and recoverable gas reserves at107bcm.
Reuters cited the Petrovietnam as saying in a statement that its subsidiary PetroVietNam Technical Services will invest VND4.2tn ($193m)for the construction of port’s first phase, which is planned to be completed in the second quarter of 2017.
PetroVietnam Oil will pay for the non-bonded storage, which is expected to hold 70,000 cubic meters of oil products. The terminal will have a capacity to handle vessels of up to 80,000tin its first phase.
PetroVietnam Oil CEO Doan Van Nhuom told the news agency that the port’s storage space will be leased to both foreign and domestic oil companies to facilitate export of oil products to third countries.
