Foreign investors encouraged to invest in petroleum storage infrastructure

VNA/WVR - The Vietnamese Government has given foreign investors the green light to invest in developing an oil and gas storage and supply infrastructure system, but they cannot participate in distributing, importing, or exporting petroleum.
Foreign investors encouraged to invest in petroleum storage infrastructure
A petroleum storage system of PVOil in Thai Binh Province. (Source: VNA)

This was part of the recently approved plan to implement the national petroleum and gas storage and supply infrastructure planning for the 2021-2030 period with a vision to 2025.

State budget will prioritise the development of national storage infrastructure while the private investment will be used to develop storage infrastructure for commercial purposes of enterprises.

The Government encourages private investment in developing the national storage infrastructure following the established planning and standards to serve the national reserve goals.

To ensure national defence and security as well as social security, the Government also needs to develop a petroleum storage system in border areas, islands, and remote areas. These localities will develop storage systems below 5,000cu.m in consistency with the national planning.

Under the plan, the focus will also be on developing the petrol stations along new roads and in new urban areas with an appropriate roadmap to reduce the number of small-scale and inefficient stations.

The Ministry of Industry and Trade will be in charge of implementing and supervising the development of petrol and oil storage systems, ensuring quality and progress, as well as economic efficiency.

Vietnam remains attractive destination for foreign investors
Vietnam Connect Forum 2024 to be held in Hai Phong next month
Foreign investors' confidence in Vietnam consolidated: MPI
March marks the month with the most stock trader accounts created
Vietnam - an enticing destination for foreign investors: IMF expert

(Source: VNA)