Vietnam needs US$10 billion to fund oil reserves

Vietnam needs capital investment of nearly US$10 billion from now to 2025 to build up crude oil and petroleum product reserves under a recent Prime Minister’s decision. Decision No. 1139/QD-TTg dated July 31, which sets out a master plan for crude oil and petroleum product reserves, estimates that US$2.3 billion is needed from now to 2015 and another US$7.19 billion is required between 2016 and 2025. Trade reserves from 2009 to 2025 will ensure that demand is met within 30 days (equivalent to 2.4 million tons). Crude oil reserves would be enough to maintain domestic production requirements within 10 to 15 days. National reserves for both crude oil and petroleum products will guarantee that there is enough supply for the domestic market for one month. (August 10, 2009)