$11.2Bln Needed to Develop Gasoline Infrastructure

News - Around $11.2 billion will be required in the next 15 years to strengthen the gasoline storage and distribution network, according to a draft plan by the Ministry of Industry and Trade.

Around $5.1 billion will be needed to set up new oil depots and upgrade existing ones with a total capacity of 8.1 million cubic meters. New pipelines will cost $562 million while $3.22 billion will be set aside for buying oil tankers.

The rest will be used to double the national distribution network from the current 9,000 retail points to 18,710 by 2025.

Priority pipeline projects include the Nghi Son-Hanoi and Quy Hon-Pleiku at a cost of around $314.3 million.

But to raise the $11.2 billion, the government needs to offer incentives like tax breaks to investors, the ministry said.

It will hold a conference this week to discuss the plan and ways to raise the money.