Work on the country’s first cold liquefied petroleum gas warehouse (LPG) started Thursday in southern Ba Ria – Vung Tau Province.
The 3.5 hectare facility is a project of Vietnam’s PetroVietnam Gas Corporation, an affiliate of the state-owned oil monopoly PetroVietnam group, which cost about VND2.5 trillion (US$139.8 million).
It is being built by South Korean construction firm Daewoo Engineering & Construction and Vietnam’s PetroVietnam Construction Joint Stock Corporation.
Located at the Cai Mep Industrial Park, the warehouse is expected to reach a total capacity of 60,000 tons of cold LGP when it comes into operation in 2012 to help stabilize domestic demand for gas.
LPG is a mixture of hydrocarbon gases used as a fuel in heating appliances and vehicles.
Vietnam's LPG consumption averages 950,000 tons a year, with 30 percent or 285,000 tons a year produced domestically at the country's only LPG plant in Ba Ria-Vung Tau Province.
Vietnam is forecast to consume 1.5 million tons of LPG in 2013 which means the country will have to import 800,000 tons to meet domestic demand.
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