HCMC – Petrovietnam has proposed that the Government temporarily suspend crude oil exports to prioritize feedstock for domestic refineries and ensure adequate fuel supply for the local market amid volatility in the global energy market.
The proposal comes as the Government issued Resolution 36/NQ-CP to secure fuel supply and manage fuel prices in response to geopolitical risks affecting global energy markets.
Petrovietnam suggested that stronger measures be considered in managing crude oil resources, including a temporary halt to crude exports, so that the feedstock can be directed to the refineries in the country, thereby increasing fuel supply for the local market.
The State-owned group said it has worked with international partners to secure stable crude supply and support Nghi Son Refinery and Petrochemical LLC in signing additional crude purchase contracts to maintain operations. Meanwhile, Binh Son Refining and Petrochemical JSC is operating the Dung Quat oil refinery at more than 100% of its capacity.
In the gas sector, PV GAS is supplying around nine million cubic meters of gas per day to power plants and has arranged additional liquefied natural gas (LNG) to support electricity generation and industrial production.
Units involved in fuel extraction, transport and trading are also preparing scenarios to diversify supply sources and transportation routes.
Petrovietnam said these measures would help ensure fuel and energy supply for the domestic market and limit impacts from the Middle East conflict and potential disruptions to the global energy supply chain.
