Vietnam is looking to build a strategic petroleum reserve and grow commercial storage for crude oil and oil products by 2025.
In a document reviewed by Reuters, the country plans to spend more than $6 billion on the project and plans to build strategic petroleum reserves of up to 2.2 million m3 of crude oil by 2020.
Reuters says that strategic oil product reserves by 2020 will total 1.8 million m3, equal to 14 days of fuel imports.
The country's prime minster approved a plan earlier in July to build crude and petroleum stocks of at least 90 days' worth of net imports by 2020.
Fujairah's newest storage terminalShifting LNG market dynamics The rise of the fake terminal Storage for a flourishing trading market Storage hubs: navigating unprecedented changes Middle East storage operators buck oil price trend Ensuring India's energy security Deploying automation logic to fuel management systems The future is smart Innovative techniques for tank storage inspection