HCMC – Prime Minister Pham Minh Chinh today, March 29, inspected a proposed site for a strategic petroleum reserve depot at the Nghi Son Economic Zone in the northern province of Thanh Hoa, local media reported.
During a field survey of the planned location in Hai Binh Ward, the Government leader urged local authorities to promptly engage with affected households and accelerate land clearance for this significant project.
He also instructed the Ministry of Industry and Trade to guide the project’s development with a view to rapid deployment as an emergency, while considering assigning implementation to capable entities. The overarching goal, he stressed, is to diversify supply sources and strengthen Vietnam’s energy security.
On the same day, he held a working session with the Nghi Son Refinery and Petrochemical LLC (NSRP) in Thanh Hoa Province.
At the meeting, company executives reported that the refinery is operating at full capacity and has secured sufficient crude oil supply to maintain continuous operations through the end of May at optimal output levels. This would help maximize fuel production to meet domestic demand.
PM Chính commended the efforts of all stakeholders in ensuring crude oil supply for the project.
He noted that Vietnam would continue working with relevant countries and partners to secure crude oil inputs, including facilitating transportation through the Strait of Hormuz to Vietnam.
Reaffirming plans to build a strategic petroleum reserve depot in the Nghi Sơn area to serve the refinery and other needs, he called on joint venture partners to urgently diversify crude oil sources, describing this as both an immediate priority and a long-term solution.
In the current context, he also suggested the refinery temporarily scale back production of other petrochemical products and focus on fuel output, particularly jet fuel.
The PM acknowledged and directed relevant ministries and agencies to swiftly address proposals related to taxes on certain refinery feedstocks within their authority, and to report to higher authorities if needed.
The Nghi Son Refinery and Petrochemical project is a joint venture involving major corporations from Vietnam, Japan, and Kuwait. It is one of the country’s largest refineries, with a designed capacity of around 200,000 barrels per day (equivalent to 10 million tons per year).
Under normal conditions, the refinery supplies petroleum products to the domestic market, meeting roughly 35% of Vietnam’s demand, while also providing petrochemical products to regional markets.
