Quang Binh Economic Zone's Management Board on January 20 handed over the investment certificate to Petro Lao Co., Ltd. for the Petro Lao Bonded Fuel Depot Project.

The project involves constructing a bonded fuel depot and an oil pipeline from Hon La Seaport in Quang Binh Province to Laos' central Khammouane province.

It covers 9.36 ha and has a total investment of over VND589 billion ($231 million).

This is part of the bilateral cooperation agreement between the Vietnamese and Lao Governments for the 2016-2020 period, signed on December 27, 2015.

According to Mr. Somvang Vongvilay, Chairman and General Director of Petro Lao Co., Ltd., the route from Quang Binh to Khammouane is the shortest and most favorable for constructing the bonded fuel depot and oil pipeline from Vietnam’s seaport to his landlocked country.

Once completed, the project is expected to employ 100-200 local workers.