VN to enhance its storage system for reserved oil and gas

VCP – The establishment of a storage system for reserved oil and gas products in Việt Nam is necessary for the development of the domestic petroleum market while stabilizing domestic consumption, ensuring capacity of petrochemical plants, and guaranteeing energy security, PM Nguyễn Tấn Dũng pointed in Decision 31/2010/QĐ-TTg on promulgating the Regulation for management of national reserved oil and gas.

March 24, 2010 3:07 PM GMT+7

Illustration photo

According to the Decision, the ministries in charge of managing national reserved oil and gas must submit their annual plans and State budget estimation for the storage to the Ministry of Planning and Investment before July 10 of each year.

As requested, the annual plan must be concrete and clearly describe the export, import, increase, reduction, and exchange of reserved petroleum products.

For each field, the PM applied certain rules which are:

- The export and import of domestic reserved oil and gas must be carried out carefully in terms of types, quality, price, time, and location as stipulated.
- The increase, reduction or exchange of domestic oil and gas reserve must be done in line with the set quota to ensure stock rate.
- The reserved oil and gas must be stored in basins and tanks that have clear code numbers, volume and value.
- The construction of storage system for reserved oil and gas needs to keep up with not only modern technology but also security rules.

As expected, Việt Nam will invest at least US $2.38 billion to build its storage system for reserved oil and gas by 2015 and US $7.19 billion in the period of 2016-2025.

By Trinh Nguyễn