VUNG TAU PETRO JSC 2013

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1 VUNG TAU PETRO JSC 2013

2 INVESTMENT HIGHLIGHTS The demand of petroleum port and depot in Vietnam is currently very high, especially in the South All current petroleum ports in Vietnam are small in terms of capacity, that only allows vessels up to 40,000 DWT. Therefore, petroleum vessels must be transited through bigger ports such as Singapore before going through Vietnamese ports Upon completion, Vung Tau Petro JSC (VTP) Cai Mep port will become the biggest petroleum port in Vietnam in terms of capacity (allowing vessels of up to 80,000 DWT) that helps to save transportation costs through direct petroleum importation Located in downstream of Cai Mep river, Ba Ria - Vung Tau province, considered as a strategic location in Seaport Master Plan of Vietnam and a gate way to HCMC - Dong Nai - Vung Tau Economic Triangle VTP Cai Mep port is expected to operate in

3 CONTENT PART I: VIET NAM PORT INDUSTRY OVERVIEW PART II: CAP MEP PORT PART III: COMPANY OVERVIEW PART IV: PEER COMPARISION 2

4 PART I: VIETNAM PORT INDUSTRY OVEVIEW 3

5 VIETNAM PORT INDUSTRY OVERVIEW Currently in Vietnam, there are 130 ports, of which there are 40 sea-ports, 166 storing houses and about 300 berths, divided into 8 Groups. Among those 8 Groups, Group 1 (from Quang Ninh to Ninh Binh Province) and Group 5 (includes HCM city, Dong Nai and Ba Ria Vung Tau Province) are the most important ports which handle over 80% total cargo of Vietnam. Vietnam has 3 types of port: General Port (majority), Container Port and Petroleum Port put through mn.tons of cargo in 2007, reaching the annual cargo growth rate of 15%. Aiming to develop the Seaport Economy, Vietnam has developed a Seaport Master Plan; according to which Cai Lan and Hai Phong Port in the North will be developed while moving to focus on Dung Quat and Van Phong Port in the Central. 4

6 VIETNAM PORT INDUSTRY OVERVIEW Cai Mep Thi Vai a center of deep water ports Cai Mep Thi Vai area is identified as the center for deep water ports, specializing in serving vessels of over 30,000DWT; developing as specialized ports for container and petroleum vessels; and also upgrading to international transshipment stations. Petroleum port a new trend in Port Development There are currently 23 Petroleum Ports in Vietnam, of which 6 main ports are: Cai Mep Thi Vai port plays a driving role in the Regional Port system, creating the first international port system of Vietnam. There are 4 port groups along Cai Mep Thi Vai river. In the Cai Mep Thi Vai area, Cai Mep group is the biggest port in term of vessel capacity which allow vessel up to 80,000DWT Maritime corporations keep on enlarging and building new petroleum ports due to their economic value. There are some typical projects: No Port group Berth length Vessel capacity (DWT) 1 Go Dau C 2 km 15,000 50,000 2 Thi Vai (Phu My) 5.2 km 50,000 75,000 3 Cai Mep 6.6 km 50,000 80,000 4 Vung Tau - - 5

7 VIETNAM PORT INDUSTRY OVERVIEW Petroleum Depot high demand in the South Total petroleum depot capacity of Vietnam is 2,298,910 m3, 48% of which belongs to the Southern region. Total capacity of petroleum depots (vessels of over 5,000 DWT) is: Until 2015, the third oil refining factory of Petro Vietnam will not be built. The only petroleum refinery factory of the South East region is located in Ba Ria Vung Tau Province with small capacity of 270,000 tons/year. Petroleum and Gas transportation Most of the wholesale and retail petroleum and gas market are now controlled by state-owned companies. There are only 11 companies allowed to directly import petroleum and gas, including Petrolimex, Petec, Petechim, PDC, SaigonPetro, Vinapco, Mipeco, PetroMekong, Petimex, Vitranschart and Pygemaco. These companies import petroleum and gas via 3 main ports along the seacoast: Hai Phong Quang Ninh port in the Northern region, Danang port in the Central region and the Nha Be Cat Lai port in the Southern region. Under the current mechanism, these corporations can decide and adjust selling price according to movements of the world price. The current profit from petroleum trading activities is around VND 300,000/m3 Southern fuel demand is forecasted to increase significantly up to 2020: As the result, all the gas and oil demand of HCM city will be delivered from other regions. It is forecast high demand on petroleum depots. 6

8 7 PART II: CAI MEP PORT

9 STRATEGIC LOCATION Ba Ria - Vung Tau is a province on the Southeast with a natural area of 2,047 km2 with a population of more than 800,000. This province is the gateway to the Southern key economic region and has a very important and strategic economic location in the economic triangle Ho Chi Minh, Dong Nai and Vung Tau city/provinces. With favorable conditions in terms of strategic location and natural conditions such as big and deep rivers and good topography, Ba Ria - Vung Tau is an excellent place for building seaports and deep-water terminals that allow ships with capacity of over 80,000 tons to access easily. Cai Mep Petroleum Terminal and Tank Farm was built on an area of 27.5 ha in Tan Phuoc commune, Tan Thanh district, Ba Ria Vung Tau province. This construction site is in the master plan of the petrol and chemical terminal and tank farm zone on Cai Mep riverside of the province. Cai Mep Petroleum Terminal and Tank Farm is located 50 km by roadway, and around 20 km by sea from Vung Tau city. The construction site is at the river downstream (3-4 km far from estuary) and in the general plan of the petrol and chemical terminal and depot area on Cai Mep riverside. Cai Mep port is linked with the 51 National Highway by Cai Mep street which is 7km long and 60m wide. The river is about 1,000m wide and at least 5m deep: 20-25m deep at the point of 150m from the bank which is suitable for allowing large vessels access. The berth and depot system are advised by Portcoast and Petrolimex Construction Consultancy JSC. 8

10 CAI MEP PORT CONSTRUCTION PROGRESS Stage 1 Stage 1 is includes: Berth allowing vessels of up to 80,000 DWT Petroleum depot of 120,000 m 3 Loading places, warehouses, administration centers, etc. Leveling off surface for Stage 2 Stage 1 is expected to be completed in The objectives are to export and import petroleum, provide shipping services and lease of petroleum depot. Stage 2 Stage 2 is includes: Berth allowing smaller vessels ranging from 1,000 DWT to 30,000 DWT Petroleum depot of 80,000 m 3 Cold gas depot of 40,000 tons LPG depot of 10,000 tons Condensate refinery factory of 40,000 tons/years Petroleum refinery factory of 500,000 m 3 /year Stage 2 will be constructed in 2014 and come into operation in The objectives are to produce petroleum and condensate, lease cold gas, petroleum and LPG depot. 9

11 INVESTMENT OBJECTIVE Exporting and importing petroleum This is one of the long-term strategic objectives of VTP. When the construction of the Project is completed and the terminal goes into operation, VTP would have enough legal requirements and financial capacity to participate in the petrol importing market, and become one of key direct petrol importers and distributers for the local market. In the future, when domestic petrol purifier companies (Dung Quat, Phu Yen, Long Son companies) go into operation, Viet Nam will participate in exporting petroleum to Cambodia, Laos and other Southeast Asia countries. Shipping services Until now, Viet Nam has not had any terminal that is capable of receiving ships with 80,000 DWT. Being a member of the top terminal systems would bring the Project a remarkable revenue from shipping activities that are related to terminal, such as warehousing, depot services, fuel charging and food supply, etc. Part of the Project s sales would come from providing lease of petroleum terminal and tank farm services for domestic enterprises that have demand of using tank farm petrol. 10

12 11 PART II: COMPANY OVERVIEW

13 COMPANY S INFORMATION Vung Tau Petrolium JSC is founded in May 2010, located in Vung Tau province. General information Company Name: VUNG TAU PETROLEUM JOINT-STOCK COMPANY (VTP) Address: Cai Mep Industrial Zone, Tan Thanh Distrist, Ba Ria Vung Tau Province. Phone: Fax: Web: Charter Capital: VND 135,000,000,000 Scope of business: Investing in and operating VTP Cai Mep petroleum port and depot project for 50 years (03/ /2051) Importing and distributing petroleum upon the completion of VTP Cai Mep project 12

14 ORGANIZATIONAL AND SHAREHOLDER S STRUCTURE Organizational structure Shareholder s structure Shareholder No of Shares % Ownership Mr. Bui Si Tuan 4,500, % Mr. Pham Ngoc Thuong 3,150, % Mcapital 3,140, % Bitexco Nam Long 2,700, % Others 10, % Total 13,500, % 13

15 14 PART III: PEER COMPARISION

16 PEER COMPARISION VTP port is the biggest port in term of area and vessel capacity, compared to the other companies listed above. 15