Vietnam plans to build oil, fuel stockpiles to stabilize prices

Vietnam plans to build stockpiles for crude oil and other fuels by 2015 to stabilize domestic prices and ensure the country’s energy security, the government said in a statement on its website.

The storage plan, approved by Prime Minister Nguyen Tan Dung, will also help ensure stable output from the Southeast Asian nation’s oil refineries, the statement said. The facilities will stockpile crude and oil products for commercial and national reserves.

The investment in the facilities by 2015 will be about US$2.4 billion, according to the statement. Further development plans for the reserves system between 2016 and 2025 will cost about $7.2 billion, the statement said.

thanhnien, bloomberg

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