Crude oil stockpiling in Japan and Korea and lessons for Vietnam
Abstract
National crude oil stockpiling has been a serious concern in many countries, particularly the ones which are increasingly dependent on the global oil market like Vietnam (a net importer). The Master Plan for developing crude oil and petroleum products stockpiling system of Vietnam to 2015 and vision to 2025 has been approved by the Prime Minister with Decision No.1139/QD-TTg dated 31/07/2009. Accordingly, Vietnam is expected to reserve about 1 - 1.1 million m3 of crude oil in 2020 and will increase to 3.1 million m3 of crude oil in 2025. This paper briefly introduces the experience of Japan and Korea, which have had over 30 years of maintaining national oil stockpiling in large-scale. Based on these experiences, a number of measures are proposed for Vietnam in the path of building and implementing the Master Plan for developing the crude oil and petroleum products stockpiling system to 2025 and vision to 2035.
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