Viet Nam Oil And Gas Corporation News

Vietnam President Nguyen Minh Triet said that he expected the Viet Nam Shipbuilding Industry Group (Vinashin) to increase its international profile by producing more ships for the world market. Triet made these comments at a meeting with company officials and the management board of the Dung Quat Shipbuilding Company in central Quang Ngai Province. Triet also visited the Dung Quat Oil Refinery Plant and held meetings with the management board. Deputy General Director of the Viet Nam Oil and Gas Corporation Truong Van Tien briefed the President on the progress of construction over the past year, and affirmed that the management board was working closely with the project contractor to resolve issues, particularly in speeding up construction. Source: VNS

The Viet Nam Shipbuilding Industry Group (Vinashin) has snatched up two large contracts with UK partners worth $800m. The contracts were executed during the Viet Nam Days in the UK business forum on trade, investment and tourism last Friday in London. Vinashin inked a $100m deal with Graig Investment Ltd to build 25 ships and another to build a floating oil tank for the Viet Nam Oil and Gas Corporation (PetroVietnam), worth $680 million. The latter deal was signed with Monobuyo Co, Petromaritime Consulting and London Maritime Consultants. In 2003, Vinashin signed contracts with the company worth $500 million to build 6,500- and 12,000-DWT freighters and 13,000 DWT container ships. It also won another $322.5 million contract to build 15 cargo ships of 53,000 DWT each in 2004.

According to reports, Vietnam Shipbuilding Industry Corporation (Vinashin) reported an output value of over $567m and revenues of over $351m in the first nine months of 2006. The figures represented year-on-year increases of 40.7 percent and 73.3 percent respectively. In the period, Vinashin signed nearly $5b in contracts to build ships for partners from Japan, Germany, England, Poland and Israel. The corporation is under negotiations with Japanese and German partners, such as Kanematsu, Sojist and Mitsubishi, to build cargo vessels with capacities ranging from 8,700 tonnes to 56,300 tonnes and 900-1,100 TEU container ships. It is also cooperating with the Viet Nam Oil and Gas Corporation (Petro Viet Nam) to build three 100,000 tonne oil tankers.

The Government Office announced a proposal to establish the Vietnam Shipbuilding Industry Economic Group (Vinashin Group) by restructuring the Viet Nam Shipbuilding Industry Corporation (Vinashin) had been approved. The Vinashin Group would become a multiple-owner business with the State holding a majority stake, comprised of State-owned and equitised subsidiaries, it said. Under the plan, the group would function as the financial investor for its other concerns, and control the capital holdings, technology, trademarks and markets of its subsidiary companies. The Government also issued official approval of the establishment of a holding company for the Ha Noi-based Viet Nam Shipbuilding Industry Group.