PM gives nod to crude oil, petroleum storage

Prime Minister Nguyen Tan Dung has approved a plan to build a crude oil and petroleum products reserve system until 2015 with a vision for 2025.

The move aims to ensure the country’s energy security, stabilize the domestic petroleum and gasoline market, and facilitate maximum production by local oil refinery plants.

The project is estimated to cost US$2.38 billion in the first phase and an additional US$7.19 billion in the second phase.

vov, vietnamplus

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