The Songa Murcur rig at the Sao Vang oil field (Source: VNA) Hanoi (VNS/VNA) - The Malaysia Vietnam Offshore Terminal Ltd. (MVOT), a joint venture between PetroVietnam Technical Services Corp and Malaysia’s MIBS Bhd, has won a 176 million contract to provide equipment for Idemitsu Kosan to develop the Sao Vang-Dai Nguyet gas project. Under the seven-year contract, MVOT will provide a floating storage and offloading (FSO) vessel to the Japanese firm for the development of the gas and condensate fields, the Vietnam Oil and Gas Group (PetroVietnam) said on November 6. The FSO has a capacity to store 700,000 barrels of condensate, double Idemitsu Kosan’s minimum storage requirement of 350,000 barrels. It is slated to receive the first condensate flows in July 2020. The FSO is designed with housing for 55 technical and operational personnel and a helicopter landing gear with the latest UK CAP 437 standard, capable of receiving Airbus H-225 or equivalent. The contract can be … [Read more...] about Malaysia-Vietnam joint venture wins 176 mln USD contract
Billion year contract
PetroVietnam Technical Services awarded $176m equipment contract for Sao Vàng-Đại Nguyệt gas project
The Songa Murcur rig at the Sao Vàng oil field. — VNA/VNS Photo Viet Nam News HÀ NỘI — The Malaysia Vietnam Offshore Terminal (MVOT), a joint venture between PetroVietnam Technical Services Corp and Malaysia’s MIBS Bhd, has won a US$176 million contract to provide equipment for Idemitsu Kosan to develop the Sao Vàng-Đại Nguyệt gas project. Under the seven-year contract, MVOT will provide a floating storage and offloading (FSO) vessel to the Japanese firm for the development of the gas and condensate fields, the Việt Nam Oil and Gas Group (PetroVietnam) said on Tuesday. The FSO has a capacity to store 700,000 barrels of condensate, double Idemitsu Kosan’s minimum storage requirement of 350,000 barrels. It is slated to receive the first condensate flows in July 2020. The FSO is designed with housing for 55 technical and operational personnel and a helicopter landing gear with the latest UK CAP 437 standard, capable … [Read more...] about PetroVietnam Technical Services awarded $176m equipment contract for Sao Vàng-Đại Nguyệt gas project
VNA, Lufthansa Technik ink maintenance contract
Representatives from Vietnam Airlines and Lufthansa Technik AG after signing the contract. — VNS PhotoViet Nam News HÀ NỘI — Vietnam Airlines and Lufthansa Technik AG on Thursday inked an Auxiliary Power Units (APU) maintenance service contract for the carrier’s growing Airbus A350 fleet. Dương Trí Thành, CEO and President of Vietnam Airlines, said the contract will further strengthen the results-driven partnership between the two companies. “We believe that Lufthansa Technik will deliver its world-class technical competencies ensuring smooth operation of Vietnam Airlines’ Airbus A350 fleet on our long-haul flights,” he said. Vietnam Airlines’ A350s are equipped with Honeywell’s HGT1700 APU, which have been developed to match the operational requirements of the A350 XWB. The three-year contract will encompass maintenance services for the airlines’ 10 APU. Vietnam Airlines is currently operating 12 … [Read more...] about VNA, Lufthansa Technik ink maintenance contract
Lotte wants new 50 year lease to turn profit with Lotte Mall Hanoi
Nearly two years after acquiring the largest trade centre in Hanoi from Citra West Lake City Development Co., Ltd., Lotte Group has yet to break ground on its Lotte Mall Hanoi, as the remaining period of operations is too short to turn a profit. Lotte wants new 50-year lease to turn profit with Lotte Mall Hanoi Sim Young Woo, general director of Lotte Properties Hanoi Co., Ltd., said at a meeting with the Ministry of Planning and Investment (MPI) last week that the Lotte Mall Hanoi project has received the permit to adjust the planning and expects to put it into operation by 2022. However, the foundation, constructed by the original investor Citra West Lake, leaves a lot to be desired, meaning the company has to tear it down and build a new one. “We will develop the project from the foundation up, and we will have to return the land to the government in 2046, in line with the original contract with Citra West Lake. That means it will be very difficult to make a profit … [Read more...] about Lotte wants new 50 year lease to turn profit with Lotte Mall Hanoi
Vietnam, France sign multi billion dollar contracts
(VEN) - Forty-five years after establishing diplomatic ties and five years after upgrading bilateral relations to a strategic partnership, Vietnam and France are identifying opportunities to boost their relations to a new high commensurate with the traditions, potential and position of the two countries. The recent visit by Vietnam Communist Party General Secretary Nguyen Phu Trong to France contributed to deepening this relationship. Vietnam Communist Party General Secretary Nguyen Phu Trong (left) and French President Emmanuel Macron Photo: VNA Important partners The visit marked the first meeting of high-ranking leaders of the two countries since French President Emmanuel Macron took up office last year. It took place in the context of the 45th anniversary of Vietnam-France diplomatic ties and the fifth anniversary of their strategic partnership, and a key period of trade relations between Vietnam and the EU. In a joint statement issued following the meeting … [Read more...] about Vietnam, France sign multi billion dollar contracts
AVG to consider VPF’s proposal for contract revision
The Vietnam Professional Football (VPF) company yesterday worked with digital TV provider AVG on reducing the term, and increasing the value, of the 20-year contract AVG closed with VFF, a proposal to which AVG said it would provide an answer within the next seven days. VPF deputy CEO Nguyen Duc Kien said VPF sought AVG’s cooperation to settle the TV rights battle quickly. VPF demanded that the telecast deal AVG inked with VFF, in which the former is awarded 20-year exclusive rights to broadcast the country’s football leagues, be revised in a way that it can achieve two targets. First, national TV station VTV should be designated to broadcast the most football matches, to serve the majority of public. Second, the amount of money Vietnamese football receives from TV rights should be higher than the amount agreed upon in the contract between AVG and VFF. AVG chairman Pham Nhat Vu said he supports the two demands, and will announce the response within the next seven days. … [Read more...] about AVG to consider VPF’s proposal for contract revision
Russia signs 6-year deal to host F1 Grand Prix
Russia will host grand prix races near the Black Sea resort of Sochi starting in 2014 after signing a six-year contract with Formula One chief Bernie Ecclestone on Thursday. Ecclestone and a regional Russian construction official penned the deal in Sochi, which is also hosting the 2014 Winter Olympics. Russia's Prime Minister Vladimir Putin met with Ecclestone and attended the signing. Russia has tried to get on the F1 circuit before, but former Moscow Mayor Yuri Luzhkov failed to reach an agreement with Ecclestone in 2002 to use the capital as a venue. The six-year deal also includes an option to extend it for another five. Russian media reported that the deal would cost Russia at least $40 million a year. "I sincerely hope that the Formula One is going to play a big part in what I can see happening in Sochi," Ecclestone said. "I'm sure the circuit can be a super circuit. It's all the things we need and wanted, and we are very happy." The F1 chief … [Read more...] about Russia signs 6-year deal to host F1 Grand Prix
VPF to struggle for 3-year telecast contract
The Vietnam Professional Football (VPF) Company, which runs the three professional football tournaments in Vietnam, has confirmed to struggle for shortening the 20-year broadcasting deal with AVG group to three years. The company’s representative said that VPF would insist on the three below points of view: most of the games of the V-League, the First Division Tournament and the National Cup to be aired live; the broadcasting royalty to be higher than the figure committed by AVG (VND6 billion or $300,000 a year, increased by 10 percent annually); and the deal to be only three year in term. The three sides will pay VND10 billion of royalty, instead of VND6 billion. “VND10 billion/year is the royalty for professional football tournaments only or also for commercial rights of FCs? We are waiting for AVG’s announcement. After that we will collect opinions from FCs and make decision,” VPF official said. The VPF official added that AVG had accepted two of the … [Read more...] about VPF to struggle for 3-year telecast contract
Trade ministry: Rice still ample for export this year
By Thai Hang - The Saigon Times Daily HCMC - Strong foreign demand has pushed up reference prices of export-standard rice by US$50 per ton, but the trade ministry confirmed there would be no rice shortage for export this year. Deputy Minister of Industry and Trade Nguyen Thanh Bien, who is in charge of managing rice exports, told the Daily after a review meeting on Tuesday on exports in the last four months that there is still one million tons of rice in stock. Furthermore, the commercial rice volume will increase in the upcoming harvest, he said.“In the coming harvest, the country expects to have an additional 3.5 million tons of rice, including 1.5 million tons of commercial rice. We will weigh the situation to decide the amount for export till the end of this year,” Bien said. However, Bien declined to comment on some predictions that the rice export volume this year could jump to a record high of seven million tons despite the ample inventory. In June, the Vietnam Food … [Read more...] about Trade ministry: Rice still ample for export this year
Vietnam to export 6.5-7 million tons of rice this year
Vietnam to export 6.5-7 million tons of rice this yearBy Thai Hang - The Saigon Times DailyVFA vice chairman Pham Van Bay said at a year-end review meeting last week that the rice export sector had faced unfavorable conditions, including lower demand of major importing countries and falling prices which had lead to a tough competition among rice exporters.India will focus on reducing its stockpile of agro-products that stands at around 60 million tons, including 26.3 million tons of rice.Myanmar is also boosting rice exports this year. Meanwhile, the rice inventory in Thailand built up last year as the export price was less competitive, and the possibility of Thailand shoring up rice exports this year is high.Vietnam is in difficulty as well. VFA chairman Truong Thanh Phong said Vietnam’s rice export to Asian countries accounted for 67% of total volume while that to African countries was 23%. However, Vietnam’s African market share of 20% for low-grade rice, namely 15-25% … [Read more...] about Vietnam to export 6.5-7 million tons of rice this year