Vietnam announces crude oil reserves plan

Wednesday, 2017-07-19 04:01:44
 Font Size:     |        Print
 

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)
 Font Size:     |  

NDO/ 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 an extended 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 demand on the domestic market.

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 product 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 the business plans of refineries.

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

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