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Saturday, October 8, 2022

PM orders adequate fuel supplies

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh has told the State-owned Vietnam Oil and Gas Group (PVN) to ensure sufficient supplies of fuels on the local market amid certain supply disruptions.

The order came while he was meeting on September 11 with PVN, which owns the Dung Quat oil refinery in Quang Ngai Province and holds a 25% stake in the Nghi Son oil refinery.

PVN should adopt measures to prevent the shortage of fuels, according to the prime minister.

The two refineries account for 70-75% of the total annual domestic consumption of fuels, the local media reported.

The Dung Quat and Nghi Son refineries are set to produce 3.9 million cubic meters of fuels in the third quarter of 2022, representing 72% of the total consumption, said PVN.

The two refineries’ output in the fourth quarter will be 4.4 million cubic meters of oil and gasoline, meeting 80% of the need.

As a major fuel supplier, PVN should further develop its energy industrial operations and diversify supply chains, said PM Chinh.

Since the fuel price adjustment on August 22, many gas stations nationwide have shut down due to an undersupply. Closed gas stations blamed fuel wholesalers and distributors for providing them with little or no supply.

Besides, the prime minister assigned a deputy prime minister and relevant ministries to promptly remove obstacles facing energy and fuel projects implemented by PVN.

In 2021, PVN made VND627.2 trillion in revenue and VND51.7 trillion in pre-tax profit.

Between January and August, the group extracted 7.3 million tons of crude oil and produced 4.56 million tons of fuels. During the eight-month period, its revenue amounted to VND627 trillion, up 60% year-on-year.

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