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Vietnam to build more fuel storage facilities to shore up reserves

Vietnam to build more fuel storage facilities to shore up reserves

Wednesday, July 19, 2023, 20:08 GMT+7
Vietnam to build more fuel storage facilities to shore up reserves
A series of fuel storage facilities will be built in Vietnam in the 2021-30 period. Photo: N.K.H. / Tuoi Tre

The Vietnamese prime minister has approved a national fuel storage and supply plan for the 2021-30 period, with a focus on building a series of storage facilities to advance reserves.

The plan, with a vision toward 2050, is aimed at ensuring non-stop and sufficient supplies of liquefied petroleum gas (LPG), gasoline, and oil to back Vietnam’s socio-economic growth.

As per the plan, crude oil will be stored for at least 25 days of net imports for oil production, while fuel reserves for sale must be maintained for at least 35 days of net imports.

Specifically, a gasoline and oil storage facility, which can store 500,000 cubic meters, will be built to serve national reserves in the 2021-30 period.

The country will construct one or two storage facilities for crude oil near Dung Quat, Nghi Son, or Long Son oil refineries, with a total capacity of up to two million metric tons.

As for storage infrastructure for commercial operations, 43 of the total 89 operational storage facilities will be widened to increase the combined capacity by nearly 1.4 million cubic meters.

Besides, 59 facilities will be developed, with a total storage capacity of 5.1 million cubic meters of oil and petrol.

The construction of these fuel storage facilities, mainly located at seaports and in areas with convenient traffic systems, will help guarantee national energy security and suit the demands of residents and firms.

From 2030 onward, one or two crude oil storage facilities will be built near oil refineries to raise the total storage capacity to three million metric tons, while a 500,000-cubic-meter facility will be developed for national fuel reserves.

Furthermore, the nation will beef up investment in oil pipeline systems, including upgrading the current 580.9-kilometer pipeline project.

During the 2021-30 period, work will start on a jet fuel pipeline connecting Ho Chi Minh City, Dong Nai Province, and Ba Ria-Vung Tau Province with a storage facility at the under-construction Long Thanh International Airport.

After 2030, the country will rebuild the oil pipeline in Da Nang City in central Vietnam and the pipeline connecting the seaside facilities in the south-central region with the Central Highlands region.

Aside from the 16 operational LPG warehouses, infrastructure for storing LNG will be developed at the Cai Mep industrial park in southern Ba Ria – Vung Tau Province and the Nam Dinh Vu industrial park in Hai Phong City, located in northern Vietnam, in the 2021-30 period.

The nation will spend some VND270 trillion (US$11.4 billion) sourced from the non-state budget and private resources on investment in fuel storage infrastructure by 2030.

The state budget will finance the construction of storage facilities for national reserves.

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Tieu Bac – Ngoc An / Tuoi Tre News


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