Chairing a Government meeting on April 1, the Prime Minister stressed that the project is a key task to implement strategic directives on national reserves. With political, legal, and practical foundations already in place, he emphasised that the focus must now be on swift execution.

State-owned energy group Petrovietnam has been assigned to lead the project, in coordination with relevant ministries, agencies, and Thanh Hoa province. The project will be implemented under an urgent mechanism, while local authorities will be responsible for site clearance to ensure progress.

The Nghi Son crude oil storage facility is expected to both directly supply the Nghi Son Refinery and serve as part of the national strategic reserve system. Building on this, the Ministry of Industry and Trade will continue studying and developing additional storage facilities in key locations such as Dung Quat, Long Son, and other suitable areas.

Regarding investment mechanisms, the Government has agreed to initially assign state-owned enterprises to carry out the project, as it works to develop policies to attract private sector participation. Options such as state buyback or lease-purchase arrangements will be considered to ensure balanced interests and efficient use of resources.

The Prime Minister also stressed the need to ensure absolute safety and security of the storage system under all circumstances, alongside efforts to improve operational efficiency. The long-term goal is to contribute to positioning Vietnam as a regional energy hub.

According to reports presented at the meeting, the construction of a crude oil reserve in Nghi Son is an urgent requirement amid rising energy demand and continued reliance on international supply sources. The project aligns with Vietnam’s national plan for petroleum and gas storage and supply infrastructure for 2021–2030, with a vision to 2050.

In addition to strengthening energy security, the reserve is expected to enhance refinery efficiency, optimise supply chains, and support economic development in the North-central region and beyond.

Experts and international organisations note that strategic petroleum reserves are essential for open economies dependent on imported energy. The International Energy Agency recommends maintaining reserves equivalent to at least 90 days of net imports to ensure stability during supply disruptions.

Recent global energy crises have demonstrated the role of strategic reserves as a buffer, allowing governments to intervene in markets, stabilise supply, and mitigate price shocks. In several cases, coordinated releases of hundreds of millions of barrels have helped ease global energy market tensions.

Domestically, experts emphasise that developing a multi-center fuel storage system linked to consumption patterns and logistics networks is not only a technical requirement but also a strategic decision. Such an approach would enhance coordination capacity, reduce risks, and ensure stable supply under all scenarios.

As Vietnam is significantly dependent on imported crude oil and its reserve capacity is still limited compared to international standards, the early establishment of a national strategic reserve system is seen as essential to improving resilience against global energy shocks and maintaining long-term macroeconomic stability.

Strategic petroleum reserves seen as essential amid rising global energy risks

VOV.VN - Amid escalating geopolitical tensions and mounting volatility in global energy markets, experts are calling for the rapid development of national strategic petroleum reserves as a necessary, practical and achievable solution to safeguard national energy security and stabilise supply.