Topic: Oil

The Southeast Asian nation charts a meticulous course to enhance its strategic stockpiles and logistical networks for petroleum products and natural gas, aiming to fortify energy security amid fluctuating global dynamics.

The Ministry of Industry and Trade is spearheading a new Decree to replace existing regulations, aiming to balance consumer, user, and business interests in the petroleum sector amidst global energy challenges.

The Binh Son Refining and Petrochemical Joint Stock Company (BSR), which is responsible for receiving, managing, and operating the Dung Quat Oil Refinery Plan, has said that the refinery’s capacity has increased to 109 per cent to meet shortages in the petroleum market.

On September 11, at a meeting with the Vietnam National Oil and Gas Group (PetroVietnam), Prime Minister Pham Minh Chinh noted a number of important tasks for the Group, the most important being to ensure there are no energy shortages. The Group currently meets 75 per cent of domestic petroleum demand. The Prime Minister also suggested that it promote international cooperation.

The Ministry of Finance has reported that reductions to floor levels in environmental protection taxes for gasoline, oil, and grease will cut State budget revenue this year by more than VND33 trillion ($1.4 billion).

The Vietnam Oil and Gas Group (PetroVietnam) has proposed that the government invest in a refinery and petrochemical complex and a national reserve of crude oil and petroleum products at the Long Son Petroleum Industrial Park in southern Ba Ria-Vung Tau province with total investment of $17-18.5 billion. Completion is expected in 2027.