The ship built in the Republic of Korea at a total cost of US$44 million weighs almost 105,600 DWT and can carry over 125,200 cubic meters of cargo.

Once the ship becomes operational, the national petroleum corporation (Petrolimex) will have a large oceangoing oil fleet with a total weight of 453,000 tonnes. The current fleet is capable of transporting 80 percent of the corporation’s imported oil.

The Chairman of Petrolimex’s Board of Directors, Vu Ngoc Hai, said the Van Phong 1 vessel will also help his company to take the initiative in signing long-term contracts to purchase oil from major foreign oil firms. Petrolimex, he said, plans to import large consignments of oil to ensure a stable oil supply for domestic industries and reduce the per-unit cost. Mr Hai added that this is part of the corporation’s strategy to begin offering oil and petrol transport as one of its world-wide services.

Petrolimex has invested in the Van Phong bonded oil warehouse and an oil refinery complex with a capacity of one million cubic meters in Van Phong Bay. The warehouse, which has four quays to receive ships weighing up to 150,000 tonnes, is expected to become a major international depot for petrol and oil.