Vietnam Gov’t OKs Crude Oil, Petrol Reserve Plan through 2015

Vietnamese Prime Minister Nguyen Tan Dung has recently approved the national crude oil and petroleum product reserve plan through 2015 with a vision for further developments through 2025.

 

Beginning in 2015, Vietnam must ensure enough crude oil and petrol reserves for the country for 90 days, meeting the criteria set by the International Atomic Energy Agency (IAEA).

 

The country is estimated to need US$2.38 billion to maintain reserves through 2015, and the amount of investment needed will increase to US$7.19 billion between 2016 and 2025.

 

From now through 2015, Vietnam will maintain petrol reserves with a sufficient supply for 30 days.

 

Vietnam still has to import a large volume of petroleum products as the country’s first oil refinery Dung Quat has only been operational since Feb 22.

 

In the first seven months of this year, the Southeast Asian country spent US$3.41 billion on importing 7.746 million metric tons of petroleum products in the first seven months of this year, down 57 per cent on-year in terms of value and 8.3 per cent in terms of volume, the General Statistics Office (GSO) reported. (Vietnam Law)