Prime Minister surveys site for strategic petroleum reserve in Thanh Hoa
(NLDO) - Vietnam will expedite the construction of a strategic crude oil reserve in the Nghi Son area to serve the refinery and other needs.
On March 29, Prime Minister Pham Minh Chinh visited and surveyed the proposed site for a strategic petroleum reserve at the Nghi Sơn Economic Zone.
While surveying the proposed site for a strategic petroleum reserve in Hai Binh Ward, Thanh Hoa Province, within the Nghi Son Economic Zone, Prime Minister Pham Minh Chinh instructed local authorities to urgently engage with households whose land is slated for acquisition and expedite site clearance.
He directed that the project be designed to allow for rapid deployment in emergency situations, and called for selecting capable entities to implement it. The overarching approach, he stressed, is to diversify supply sources, thereby contributing to the safeguarding of Vietnam’s energy security.
Prime Minister Pham Minh Chinh surveys the proposed site for a strategic petroleum reserve in the Nghi Son Economic Zone. Photo: VGP
Earlier, in discussions with leaders of several countries possessing substantial oil reserves and strong production and supply capacity, Prime Minister Pham Minh Chinh proposed cooperation and support for the development of strategic petroleum reserves in Vietnam, including a site in Nghi Son.
He also visited the Nghi Son Refinery and Petrochemical Complex to review its operations and the supply of petroleum products.
At the meeting, leaders of Nghi Son Refinery and Petrochemical LLC reported that the plant has maintained stable operations at full capacity throughout March and has secured sufficient crude oil supply to ensure continuous operations through the end of May at optimal capacity. This allows it to maximize output of petroleum products to meet domestic demand, under the close coordination and direction of the Ministry of Industry and Trade.
The Prime Minister stated that Vietnam will continue working with relevant countries and partners to further consider support measures and ensure the supply of crude oil input for the project. Photo: VGP
After hearing the reports and opinions, Prime Minister Pham Minh Chinh stated that Vietnam will continue working with relevant countries and partners to further consider support measures to secure crude oil input for the project. He also stressed the need to advance solutions that facilitate the transportation of petroleum shipments through the Strait of Hormuz to Vietnam, including crude oil supplies for the refinery.
He affirmed that Vietnam will expedite the construction of a strategic crude oil reserve in the Nghi Son area to serve the refinery and other needs. At the same time, he urged the joint venture partners to swiftly diversify crude oil supply sources for the project, emphasizing that this is both an urgent task and a long-term solution.
Given the current context, the Prime Minister also suggested that the plant temporarily scale back the production of other petrochemical products and prioritize the output of petroleum products, especially aviation fuel.
The Nghi Son Refinery and Petrochemical Complex is a joint venture project invested by major corporations from Vietnam, Japan, and Kuwait. It is currently one of the largest refineries in Vietnam, with a designed capacity of around 200,000 barrels of crude oil per day (equivalent to about 10 million tonnes per year).
Under normal conditions, the plant supplies petroleum products to the domestic market, meeting approximately 35% of Vietnam’s demand, while also providing reputable petrochemical products across the region.