Prime Minister Nguyen Tan Dung has given the go-ahead to a plan to build a crude oil and petroleum products reserve system until 2015 with a vision through 2025.

The move aims to ensure the country’s energy security and stabilise the domestic petroleum and gasoline market, as well as facilitate maximum production by local oil refinery plants.

The project is estimated to cost 2.38 billion USD in the first phase and an additional 7.19 billion USD in the second phase./.