Vietnam to build largest ever underground oil storage tanks

Dung Quat’s economic zone management unit has officially granted the investment certificate for PetroVietnam Oil Stockpile Co. Ltd. (PVOS) to build underground storage tanks with a total capacity of 1.6 million tons at a cost of more than VND6,000 billion (US$320.94 million). This is considered the biggest underground petrol storage ever in Vietnam, covering an area of 180 hectares. Once completed, the tanks will be used to store crude oil and petroleum products and primarily serve the Dung Quat refinery, as well as southeast Asian countries. It is expected that the first phase of the project will be put into operation in the first quarter of 2014 and the second phase in 2015. (March 17, 2010)