Sunday , June 23 2024

Deputy PM urges Petrovietnam to stop both exporting and importing crude oil

Petrovietnam needs to speed up investment in refining to ensure domestic supply and stop exporting and importing oil at the same time, Deputy Prime Minister Le Xuan Thanh said.

Speaking at a meeting with the oil and gas group management Friday, he said the relevant ministries should take measures to stop having to import crude oil for the country’s refineries while still exporting it.

While some branches of PVN are responsible for crude oil exploitation and export, others are importing it for refining.

He called on PVN to speed up investment in the Long Son industrial park in the southern province of Ba Ria – Vung Tau, which includes Vietnam’s third oil refinery, to ensure there is adequate domestic supply.

Vietnam exports most of its crude oil output while importing other varieties for refining for domestic consumption.

But its two refineries, Nghi Son and Dung Quat, only meet 70 percent of demand.

Unlike Dung Quat, which mostly refines oil produced domestically, Nghi Son imports 100 percent of its crude oil requirement from Kuwait.

Vietnam’s oil and gas reserves are estimated at 1.5 million cubic meters, the 26th highest globally, but output only ranks 34th.

Those are signs of inefficiency in oil and gas exploitation, and it is necessary to “use the resource to serve the economy and produce it in the most proficient way,” Thanh said.

He called on PVN to focus on development of offshore wind power plants.

Most of PVN’s oil comes from the offshore Bach Ho oil field off southern Ba Ria-Vung Tau Province.

In the first two months of 2022, the company’s oil output was 1.78 million cubic meters and revenues were VND118.73 trillion ($5.2 billion), up 46 percent year-on-year.

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