An international consortium between partners from Vietnam, the US, Japan and Thailand has been founded to develop and operate a US$1 billion gas pipeline project, Vietnam's largest.
The 400-kilometer pipeline will transport 18.3 million cubic meters of natural gas per day from Block B in an offshore basin to the O Mon Power Complex in the Mekong Delta city of Can Tho, the commercial and industrial hub of southwest Vietnam.
PetroVietnam Gas Corporation, American Chervon, Japanese Mitsui Oil Exploration Company and Thai PTT Exploration and Production Public Company signed contract establishing the consortium Thursday, according to PetroVietnam.
PetroVietnam said Vietnamese partners held a 51 percent stake while the international firms owned the rest.
The pipeline broke ground for construction last November, becoming the second such fuel line in the country.
Nam Con Son Pipeline 1 was developed in a build-operation and transfer deal by PetroVietnam, British BP and to transport natural gas from offshore Ba Ria Vung Tau Province to Dinh Co Gas Plant in the same province.
The local partner is now operating the pipeline and Nam Con Son 2 is scheduled to be built by 2014.