PetroVietnam Insurance covers offshore oil rig construction

PetroVietnam Insurance Joint Stock Co will provide risk insurance for the entire construction and installation process of the Bien Dong 1-Con Son oil field project with a total value of nearly US$1.3 billion.

To this effect, a five-year insurance contract was signed between the PVI and the Bien Dong Petroleum Operating Co under the Viet Nam Oil and Gas Group (PetroVietnam), in HCM City. The project, wholly invested by PetroVietnam, is the largest offshore installation and construction project in Viet Nam so far, with an estimated investment capital of about $1.12 billion.

On Monday, PVI announced its affiliated Southern Oil and Gas Insurance Company (PVI South) as the main provider of risk insurance policies for the Bien Dong 1 project.

Established in December 2009, PVI South not only develops oil and gas insurance services, but also provides insurance policies for industrial clients in the southern market.

By the end of October 2010, PVI had recorded a total revenue of over VND4 trillion ($205.1 million), or 111 per cent of its yearly plan, and a pre-tax profit of VND278 billion ($143 million), fulfilling 85 per cent of its annual target. — VNS

Tags: PetroVietnam Insurance

Posted by VBN on Nov 26 2010. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry