At a working session on March 29 with the refinery’s leadership during his working trip to the northern-central province of Thanh Hoa, the PM underscored that diversifying oil supply is not merely an economic issue but also a matter of sovereignty, security and humanitarian concern.

Reporting to the government leader, NSRP General Director Kazutaka Yamato said the refinery has proactively sought to diversify its crude oil supply sources in response to global fluctuations affecting energy security. He added that the plant has secured sufficient oil supply to maintain operations and temporarily suspended petrochemical production to prioritise fuel output, helping stabilise around 40% of Vietnam’s total petroleum supply.

He expressed appreciation for the Government’s efforts to support crude oil supply for the refinery, and proposed further assistance to ensure adequate financial resources for crude imports, thereby maintaining stable fuel supply to the domestic market.

Yamato suggested tax reductions or exemptions on input materials to ease financial pressures on the plant.

After hearing reports from investors of Vietnam, Japan and Kuwait on crude oil supply and financial conditions, PM Chinh commended the refinery’s efforts to proactively secure inputs and sustain operations despite challenges.

He noted that in recent days, the Government and the PM have held meetings, phone talks and exchanged correspondence with leaders of many countries to ensure energy security for Vietnam, including crude oil for NSRP. Against this backdrop, he reiterated the urgent requirement for the refinery to broaden its supply base and reduce dependence on fixed sources.

The PM affirmed that the Government and relevant ministries will continue working actively with international partners to increase crude supply for domestic production. He called on the refinery, particularly its investors and financial institutions, to restructure supply chains, finances and product strategies to improve efficiency and resilience.

Such efforts, he said, should be guided by the principle of “harmonised interests, shared risks,” ensuring that all stakeholders work together to overcome difficulties while contributing to ensuring national energy security.

Earlier the same day, PM Chinh and his entourage inspected a proposed site for a one-million-tonne crude oil storage facility covering an area of 60 ha in Hai Binh ward, adjacent to the NSRP.

He assigned the provincial authorities to urgently work with affected households to complete site clearance and facilitate project implementation.

The Ministry of Industry and Trade was tasked with directing the Vietnam National Industry - Energy Group to proceed with the project in urgent circumstances, while also studying plans to develop gas storage facilities in the Nghi Son area.

Nghi Son Refinery to supply 1.57 mln tonnes of petroleum in last two months

According to the Nghi Son Refinery and Petrochemicals LLC (NSPR) in the central province of Thanh Hoa, the group will strive to supply to the market a total of 1.57 million tonnes of petroleum products in the last two months of 2023.