The Vietnam Oil and Gas Group (PetroVietnam) has begun executing projects worth more than US$250 million to construct an integrated petroleum service port and a bonded warehouse to store gasoline on Phu Quoc Island in southern Vietnam.

The groundbreaking ceremony was organized on Sunday on the island administered by Kien Giang Province.

Those two projects are among the important parts of PetroVietnam’s key oil exploration chain.

The integrated petroleum service port will be built on a total area of 116.5 hectares of land and 60 hectares of sea surface.

This VND4.2 trillion ($192 million) project is divided into three phases, of which the first is expected to be completed by the second quarter of 2017.

The remaining stages will be implemented after 2020.

The port is planned to be a logistics base for oil and gas activities in the southwestern Vietnamese region, the Gulf of Thailand, and Myanmar.

The bonded warehouse project, which costs VND1.4 trillion ($64 million), will be built on a total area of 35.5 hectares of land and 60 hectares of sea surface.

The first phase is projected to finish by the fourth quarter of 2017 while the second will be carried out after that.

The two projects’ initial target market is Southeast Asian countries and their operations will be expanded internationally later on.

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