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 target was set in Vietnam’s development plan for itscrude oil reserves system and other petroleum products by 2015 with a vision to2035, which was recently approved by Prime Minister Nguyen Xuan Phuc.
Accordingly, oil reserves at refineries, including crude oil andpetroleum products in the normal operation, have to meet 25 days of productionor 30 to 35 days of net imports. The reserves must have a minimum level of 15production days for crude oil and 10 days for petroleum products.
The storage of commercial petrol and oil at import depots, whichis carried out by petrol and oil trading enterprises, will ensure stabledomestic market demand.
Specifically, commercial petrol and oil reserves in the 2017-25period should be at a minimum level of 30-35 days of net imports.
The crude oil and petroleum products reserves system would bedistributed according to production and consumption demand in regionsnationwide, while optimising investment spending, management and operation.
Scale, investment progress and the kinds of crude oil warehousesshould be suitable with manufacturing capacity, product structure and businessplans of refineries.
The scale and development progress of the oil warehouse systemshould meet petroleum consumption demand of each region in the developmentperiods.
The location of national oil reserve warehouses should ensurenational defence and maximise efficiency of crude oil transport lines fromrefineries to consumption areas.-VNA
VNA
