National infrastructure plan for oil & gas reserves and supply approved

Vietnam is estimated to need total investment of up to VND270 trillion ($11.4 billion) to implement the national infrastructure plan for oil and gas reserves and supply for the 2021-2030 period.

Approved recently by Deputy Prime Minister Tran Hong Ha, the plan aims to develop the national petroleum and gas reserve and supply infrastructure system, including the strategic reserve (national reserve), and ensure reserves as well as full, continuous and safe supply for socio-economic development and national security and defense.

It targets expanding crude oil and refined fuel storage capacity to 75-80 days of net imports by 2030 and 90 days by 2050, while ensuring reserves for both domestic consumption and raw materials for the energy and industrial sectors.

The plan aims to revamp existing oil warehouses and increase capacity from 2.5-3.5 million cu m in the 2021-2030 period to 10.5 million cu m after 2030.

Vietnam will develop crude oil reserve infrastructure and invest in building a system of storage and pipeline for transporting liquefied natural gas and liquefied petroleum gas from upstream storage to consumers, to meet fuel demand in energy, fertilizers, industry, and transportation.