Baron Point Petroleum released a statement on July 23rd announcing that the Abu Dhabi-based company has entered into a joint venture (JV) with the Vietnamese national oil and gas company, PetroVietnam Oil Corporation, Gulf News reported.

The JV will handle the financing, construction, and operation of the petroleum product pipelines and storage space through a Bonded Terminal System at Phu Quoc Island. Furthermore, it will be responsible for the sourcing and trading of the petroleum products in international markets, Gulf Business stated.

The strategically placed $150-million worth Bonded Terminal System at Phu Quoc Island will supply and store crude oil and refined petroleum products, as well as general bunker supply, for southern Vietnam and Southeast Asia.

In the statement, Baron Point Petroleum, which is majorly owned by Sheikh Khalifa Bin Khalid Bin Ahmed Al Hamed, declared that it would undertake the investment, build and supply of the terminal system.

“Growth prospects for the Bonded Terminal System include offtake of refined fuel in markets such as Vietnam, Cambodia, the Philippines, Myanmar, Indonesia, and Singapore,” Baron Point stated.