The Vietnam Oil and Gas Corporation (PetroVietnam) on July 4 awarded a contract to the Vietnam Shipbuilding Industry Corporation
(Vinashin), for the construction of three 105,000-ton oil tankers
. The oil tankers, to be built at the Dung Quat Shipyard, are to be equipped with state-of-the-art facilities satisfying latest international maritime conventions. According to Vinashin, oil tankers of this kind are normally priced and sold for $60-65m each in the world market. The first tanker is scheduled be handed over by the end of 2008; and the second and third by 2009. The Dung Quat Oil Refinery will start operations in 2009. Under a Vietnam government strategy, Vinashin has been assigned to build a national shipping fleet to meet domestic transport and 30 percent of the export transport demand for crude oil.