Friday , September 29 2023

Refinery ramps up production amid fuel shortage fears

The Dung Quat oil refinery has increased its production to 103 percent of normal capacity to make up for the production cut by Nghi Son, the country’s largest refinery.

Binh Son Refining and Petrochemical Jsc, the operator of Dung Quat in the central province of Quang Ngai, said in a recent statement it has worked hard to source additional oil amid the surging global prices, which have risen to their highest levels since 2014.

It has thus managed to increase production in light of the high demand and “other” suppliers facing challenges, it said.

During the Tet holidays, which begin Saturday, 600 engineers and staff will work in shifts to operate the refinery.

It will import two consignments of crude oil of 90,000 tons each during the holidays.

Earlier Nghi Son in the central province of Thanh Hoa said it has slashed production by over 20 percent due to financing issues.

State-owned energy giant Petrovietnam, one of its biggest shareholders, has not approved import contracts and therefore it had to cancel two crude oil shipments this month, it said.

The plant might have to shut down by mid-February, it has warned.

However, Petrovietnam claimed Wednesday that the refinery canceled the two consignments and it had nothing to do with the approval of import contracts.

Matters related to the contracts are part of Nghi Son’s restructuring plans, which are under consideration, it added.

Nghi Son’s dwindling production has caused local distributors to approach foreign suppliers to ensure adequate supply during the holidays.

Nghi Son and Dung Quat are the country’s only refineries, with the former accounting for around 35 percent of the market.

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