PetroVietnam has started construction work on an oil and gas terminal on Phu Quoc island, which is supported by an investment of $260 million (€233 million).
According to Reuters, the site will include oil storage tanks and will source gas from gas fields 120 km southwest of Phu Quoc.
PetroVietnam Technical Services Corp, part of the oil and gas group, will invest 4.2 trillion dong to build the port. It is expected that the first phase will be complete in the second quarter of 2017, the company says in a statement.
The storage tanks will have a combined capacity of 70,000 m3 and the facility will be able to handle vessels of up to 80,000 tonnes.
Foreign and domestic oil companies will be able to lease storage space at the port for oil product exports to third countries, Reuters reports.