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Hexagon Composites' business unit, Lincoln Composites has signed a contract with PV Gas City of Vietnam for the supply of 40 foot Titan™ high-pressure composite tanks and storage modules. The contract is worth around USD 1.4 million.
Hexagon Composites recently announced a significant contract with Sime Darby in Malaysia, and together with the new contract to Vietnam, this truly demonstrate the South East Asian market's acceptance of Lincoln Composites' one-of-a-kind product and proves that the Titan™ modules fit well into the development of the natural gas infrastructure in the region. With these two new contracts Hexagon Composites is well positioned for further growth in this important and fast growing market.The new order for Titan™ modules to Vietnam represents the strong continuation endorsement of the product with petrovietnam. Ever since the Titan™ module was commercially available in mid 2010, Petrovietnam, being the first company in Asia to use Titan™, has a total of 23 modules currently in operation on the road."With this new order, the 40ft Titan™ module further strengthens its position as the market leader for the most competitive 40ft solution for bulk gas transportation system in Vietnam. It is the safest and lightest, and has the largest storage volume, fastest refilling and discharging capacity in the market. On top of these, it is very simple to operate and maintain." said Lincoln Composites' Director of Business Development, Goh Tat Chuan. "The Titan™ module has demonstrated best performance in our day-to-day operations." said Mr. Ha Anh Tuan, Deputy Director of Petrovietnam Gas South.The high-pressure composite containers ensure safe and simple transportation in ISO container form. A 40 ft Titan™ module can transport approximately 12 000 m³ of compressed natural gas. This means that the Titan™ modules will provide a capacity increase, allowing transport of more than twice as much gas as conventional steel solutions, while reducing the overall gross vehicle weight by several tonnes. This payload increase also allows fewer trailers to transport more gas throughout the country, and increase gas transportation operating efficiency.PV Gas City Investment & Development Joint Stock Company is a leading Vietnamese company providing gas systems to industry zones and cities in Vietnam. Vietnam is starting to realize the cost and environmental benefits of supply natural gas to their industrial customers compared to other type of fuel. With more natural gas, gas wells and fields to tap-on in the coming years, the potential of effective bulk gas transportation in Vietnam market has never looked more promising.
Source : Hexagon Composites ASA