Vietnam approves 750 trillion dong plan to expand fuel storage capacity by 2030
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VIETNAM has approved a plan to expand its national fuel storage capacity by 2030, with investment of up to 750 trillion dong (S$40 billion).
The investment would raise the country’s crude oil and refined fuel storage capacity to 75 to 80 days of net imports, according to the plan signed by Deputy Prime Minister Tran Hong Ha on Tuesday (Jul 18) and reviewed by Reuters.
The country’s current fuel storage capacity stands at 65 days of net imports, state media cited the Minister of Industry and Trade as saying in March.
The South-east Asian country, a regional manufacturing hub, has at times faced fuel supply crunches due to tight global supplies or malfunctions at its local oil refineries.
Most of the funds for the plan would be raised from businesses and from the state budget, the plan showed. REUTERS
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