PVI signs insurance service contract with Nghi Son Oil Refinery
(VOV) - The Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP) and the PVI Insurance Corporation signed a US$9 billion in Hanoi on January 15 to provide insurance services for the Nghi Son Oil Refinery Project.
This is the largest industrial insurance contract ever seen in Vietnam, affirming that PVI is the leading industrial insurer in the Vietnamese market, said PVI’s Director General, Truong Quoc Lam.
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The contract will lay a solid foundation for PVI to expand its activities and provide high quality insurance services to foreign-invested projects in the future, Lam added.
The Nghi Son Oil Refinery Project has been implemented in line with the oil and gas sector’s development strategy to ensure national energy security. With a total investment capital of US$9 billion, it is a joint venture between PetroVietnam (25.1 percent) and major international partners such as Japan’s Idemitsu Kosan IKC (35.1 percent), Kuwait KPE (35.1 percent), and Misuit MCI (4.7 percent).
The project is expected to be completed by 2016 and put into operation in 2017 to produce 10 million tonnes a year and meet 40 percent of the total consumer demand for oil and gas in the country.