Petrovietnam Planning Offshore Pipeline

Petrovietnam is planning a $200-million pipeline to bring gas ashore from a southern block shared with Malaysia. The plan is to start taking gas from block PM-3, about 375 miles southwest of Ho Chi Minh City, starting in 2005. The project is part of southwest gas scheme and Petrovietnam will be the main investor, however, Petrovietnam will also be seeking foreign investments. The pipeline will transport gas to a urea and power complex in Ca Mau province in the far south of Vietnam. It is estimated that the pipeline will be able to transport twoo billion cubic meters of gas.

Malaysia's Petronas Carigali Sdn Bhd has a 46.06 percent stake and Sweden's Lundin Oil AB holds 41.44 percent of Block PM-3. Petrovietnam owns 12.5 per cent