PetroVietnam Insurer Signs US$250M Deal for 6 Offshore Oilrigs

PetroVietnam Insurance Joint Stock Corp (PVI), an affiliate of the state-run oil monopoly PetroVietnam, May 28 signed an insurance contract of US$250 million for six oilrigs in blocks 111-04, 112 and 113 offshore Vietnam’s central-northern region.

 

The contract is to be two years beginning 2009, said Bui Van Thuan, PVI’s director.

 

Vietgazprom, the joint operating company of Gazprom and Petrovietnam, manages the six oilrigs.

 

Last year, the third largest insurance company in Vietnam made a profit of VND260 billion (US$18.38 million) on revenue of VND2.688 trillion (US$159 million). It sold insurance services to its partners in Singapore, Algeria and will seek opportunities in Russia and Venezuela in the coming months.

 

This year, the company has targeted to earn VND3 trillion in total revenue, up 12 per cent on year and profit of VND275 billion, up 5 per cent on year. (www.vietstock.com.vn) )