Vietnam announces crude oil reserves plan

Vietnam must reach crude oil stock levels that are equal to no less than 90 days of net imports following International Energy Agency (IEA)’s criteria by the year 2020. (Photo vietnambiz.vn) 


Hanoi (VNA) - Vietnam must reach crude oil
stock levels that are equal to no less than 90 days of net
imports following the International Energy Agency (IEA)’s criteria by the
year 2020.

The target was set in Vietnam’s development plan for its
crude oil reserves system and other petroleum products by 2015 with a vision to
2035, which was recently approved by Prime Minister Nguyen Xuan Phuc.

Accordingly, oil reserves at refineries, including crude oil and
petroleum products in the normal operation, have to meet 25 days of production
or 30 to 35 days of net imports. The reserves must have a minimum level of 15
production days for crude oil and 10 days for petroleum products.

The storage of commercial petrol and oil at import depots, which
is carried out by petrol and oil trading enterprises, will ensure stable
domestic market demand.

Specifically, commercial petrol and oil reserves in the 2017-25
period should be at a minimum level of 30-35 days of net imports.

The crude oil and petroleum products reserves system would be
distributed according to production and consumption demand in regions
nationwide, while optimising investment spending, management and operation.

Scale, investment progress and the kinds of crude oil warehouses
should be suitable with manufacturing capacity, product structure and business
plans of refineries.

The scale and development progress of the oil warehouse system
should meet petroleum consumption demand of each region in the development
periods.

The location of national oil reserve warehouses should ensure
national defence and maximise efficiency of crude oil transport lines from
refineries to consumption areas.-VNA



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