HCMC – Prime Minister Pham Minh Chinh has instructed state energy firm Petrovietnam to fast-track construction of a petroleum reserve depot in Nghi Son, Thanh Hoa Province, to strengthen energy security amid heavy import reliance.
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The Government leader chaired a meeting on April 1 on preparations for the planned national oil reserve facility in Nghi Son, after inspecting the proposed site on March 29, according to the Government news portal.
According to reports and opinions presented at the meeting, the Nghi Son crude storage project would accelerate the implementation of the national plan for fuel and gas storage and supply infrastructure for 2021-2030, with a vision to 2050. It serves both urgent infrastructure needs and broader goals of economic growth and energy security.
Amid rising fuel demand and heavy reliance on global markets, building crude reserves would help Vietnam reduce exposure to unpredictable shocks.
The Nghi Son storage facility is also expected to improve refinery efficiency, optimize the supply chain, and support economic growth in the north-central region and nationwide.
The meeting set out immediate tasks and long-term directions, agreeing on an investment model for the storage facility led initially by state-owned enterprises, alongside efforts to refine mechanisms and policies to attract private sector participation.
The PM asked Petrovietnam to lead the project, in coordination with relevant agencies and Thanh Hoa authorities, to immediately build the Nghi Son crude storage facility to serve both the refinery and national reserves.
The Ministry of Industry and Trade was also tasked with advancing plans for additional fuel and crude storage facilities in Dung Quat in Quang Ngai Province, Long Son in HCMC, and other locations.
The prime minister stressed the need to ensure security and safety, including in the event of exceptional incidents, while also maintaining the efficiency of the projects.
