Vietnam announces crude oil reserves plan
Viet Nam 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.
The target was set in Viet Nam'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.
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Link to Original Article:
http://english.vietnamnet.vn/fms/business/182272/vietnam-announces-crude-oil
-reserves-plan.html
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John Diecker
APT Consulting Group Co., Ltd.
www.aptthailand.com
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