Vietnam vinabenny defers devise to set up lpg floating storage during vung tau
Vietnam’s VinaBenny has paid in instalments skeleton to move to Vung Tau, a VLGC, that a LPG merchant dictated to operate as a floating storage, a source during oneof a company’s corner try partners told Platts Friday.
“If you demeanour during a burden rates during a impulse, it doesn’t seemsensible. It seems it would price around$ 80 million to buy a VLGC, whilst timecharter rates have been in a closeness of$ 800, 000/month. So during benefaction no[ skeleton], though in destiny, we’d similar to to set up a floating storage there, ” pronounced asource during Japan’s Marubeni Corp.
“When you cruise a economics, it’s formidable during this theatre, ” saidanother source during Marubeni.
Meanwhile, a Vinabenny orator pronounced Thursday that it had no suchplans.
VinaBenny Energy Corner Stock Association, shaped in 2008, is a corner venturebetween PetroVietnam Southern Gas Corner Stock Association, or PV Gas South, asubsidiary of PV Gas, Japan’s Marubeni as well as internal association Vietlong.
“[ VinaBenny] was formulation to move a vessel as well as put it up right subsequent tothe a single that PV Gas has during Vung Tau, though from what you have listened, althoughthey have been sister companies, they flattering most do commercial operation alone, as well as PVGas wasn’t happy about a total thing, ” pronounced a pressurized LPG trader.
“I do not see a marketplace for dual floaters; a single is enough. So you do not knowwhy[ VinaBenny] wants to do it. In any box, they went to a marketplace lastmonth, as well as found that a licence rate was around$ 800, 000/month. So they’vestopped a devise to sinecure VLGC, ” pronounced a source during PV Gas.
“I do not consider there’s sufficient commercial operation for dual floaters. Though that’sexactly what you listened as well, that they were formulation to move an additional boatthere, ” pronounced a Western VLGC broker. PV Gas, a gas section of state-owned PetroVietnam, now operates aVLGC as a floating storage during Vung Tau, 78 miles south of Saigon, as well as thecapital of Ba Ria-Vung Tau province. Meanwhile, VinaBenny is now environment up a$ 245 million LPGreceiving depot as well as storage trickery in Long An range, about twenty-five km fromHo Chi Minh City.
A Long An depot, that is slated to proceed operations in a secondquarter of 2013, will have a storage genius of 84, 000 mt of LPG, includingtwo refrigerated propane as well as butane armoured column any of 34, 000 mt, as well as eightpressurized LPG armoured column of 2, 000 mt each. A berths during a reception terminalwill additionally be means to hoop VLGCs, or vessels with a genius to dischargeup to 50, 000 mt of product. A Vietnamese LPG marketplace saw sales of around 1.2 million mt for 2010.Nearly 46% of a country’s direct is met by made during home reserve from Binh Son, a unconditionally owned auxiliary of state-owned oil as well as gas organisation PetroVietnam, andthe user of a country’s solitary 130, 000 b/d refinery during Dung Quat in QuangNgai province; as well as by Dinh Co Gas Processing Plant, that is operated by PVGas South.
–Rajesh Nair, rajesh_nair@platts.com–Dao Dang Toan, newsdesk@platts.com
Similar stories crop up in Platts Asian Petrochemical Scan. See some-more report during http://www.platts.com/Products.aspx? xmlFile=asianpetrochemicalscan.xml
