An oil lease line

PC Vietnam has awarded a contract to the Malaysian shipping company MISC Bhd and Vietnam’s Petroleum Technical Services for the lease of a floating production storage and offloading (FPSO) facility.

The eight-year contract is worth between $350m and $400m. According to MISC, its Johor-based Malaysia Marine and Heavy Engineering Sdn Bhd will perform the repair, life extension and conversion of the FPSO.

PC Vietnam operates a production sharing contract for oil Blocks 01 and 02 located 155km east of Vung Tau, offshore Vietnam.

The first oil delivery is expected in March 2008.

Malaysian oil company Petronas owns 62 per cent of MISC.