Vietnam to build first floating oil tank

A Vietnamese petroleum company will invest almost US$100 million in building a floating oil storage and offloading system (FSO) with a tonnage of 150,000 tons, the first of its kind ever to be built in the country. The contract was signed by the Petroleum Technical Service Company (PTSC) under Petro-Vietnam Corporation and the Vietnam Shipping Group (Vinashin) in Hanoi in December. The tank will be built in 18 months by the Nam Trieu Shipping Industry Corporation under Vinashin. (December 20, 2006)