The country plans to build a petroleum reserve and expand storage for crude oil and oil products by 2025. (Reuters photo)HANOI/SINGAPORE - Vietnam plans to spend more than US$6 billion to build a strategic petroleum reserve and to expand commercial storage for crude oil and oil products by 2025, according to a document reviewed by Reuters. The Southeast Asian country joins nations such as China and India in establishing an oil buffer to enhance its energy security as crude imports have jumped while domestic production is on the decline. Under the plan, Vietnam plans by 2020 to build strategic petroleum reserves of up to 2.2 million cubic metres of crude oil, or about 13.8 million barrels, equivalent to six days of imports. Strategic oil product reserves by 2020 would total 1.8 million cubic metres, or about 11.3 million barrels, equal to 14 days of fuel imports.

Source: Bangkok Post July 28, 2017 07:18 UTC