Singapore-based Global Process Systems Pte. has signed a $ 42.4 million contract with Vietnamese-Russian oil joint venture Vietsovpetro to supply a gas-compressing module to the joint venture, Vietnam's Ministry of Natural Resources and Environment said Tuesday.
The module will be used to build a system to collect associated gas at the Rong-Doi Moi oil field off Vietnam's southern coast, the ministry said in a statement.
Vietsovpetro is building the system for the state-run Vietnam Oil and Gas Group, or PetroVietnam.
The ministry said PetroVietnam has to burn away 150,000 cubic meters of associated gas from the field a day.
Under the contract signed Monday, Global Process Systems will deliver the module to Vietsovpetro in late December 2010.
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