Vietnam Oil & Gas, also known as PetroVietnam, signed an agreement Wednesday with the Thanh Hoa Provincial People’s Committee to take over the deep-water port the north-central region, the release said.

A PetroVietnam official, who asked not to be named, said the group is expected to pay about US$100 million for the transfer.

Petroleum Technical Services Corporation (PTSC), a PetroVietnam subsidiary, will later expand the facility and operate it at its full capacity of 10 million tons a year, it said.

PTSC General Director Nguyen Hung Dung said the port had the annual capacity of 1.6 million to 2 million tons of cargo.

However, he said the capacity “will increase by a large margin when the Nghi Son oil and chemical refinery complex became operational.”

Earlier this month, PTSC had also taken over the Hon La deep-water port in central Quang Binh Province at the transfer price of VND160 billion ($9.35 million).

PTSC shares Friday advanced 0.5 percent to finish at VND39,600 on the Hanoi Stock Exchange.