Vietnam announces project for crude oil reserves plan
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.
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
|
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.
22:24, 2024/04/22
Vietnam starts construction of US$432 million expressway to China
The expressway will stimulate socio-economic development in four major economic zones in Vietnam: the northern, central, southern, and Mekong Delta regions.
20:05, 2023/09/13
KOICA launches new training program for Vietnamese journalists
The program is well designed and attached to new trends in South Korea and the world, which can be applied in Vietnam.
17:55, 2023/03/27
UK-funded CFA to support nine low-carbon projects in Vietnam
The CFA is part of the UK Government's efforts to help Vietnam meet the commitments made by Prime Minister Pham Minh Chinh at COP26 in Glasgow in 2021.
16:17, 2022/03/10
Hanoi’s latest proposal on Ring road No.4 project to save US$380 million
The project, estimated to be around VND87.1 trillion (US$3.81 billion), would be divided into seven sub-components and carried out under the combination of private-public partnership (PPP) and public investment mechanisms.
18:30, 2022/02/10
Construction of $120-million compostable resin factory kicks off in Hai Phong
The project, invested by An Phat Holdings, is considered the largest green materials factory in Southeast Asia.
16:51, 2022/02/06
Construction of Long Thanh International Airport must be accelerated: Prime Minister
With such sluggish construction progress, Long Thanh International Airport may not be able to become operational by 2025 as planned.