Urgent measures adopted by the Government to ensure energy security amid complex developments in Middle East

The Government has adopted several urgent solutions to ensure energy security amid complex developments of the military conflict in the Middle East, according to a report released by the Government News on March 6.

Specifically, the Government requested for the application of Clause 8, Article 59 of the 2022 Law on Oil and Gas, which specifies contractors' obligations.

The Government allowed  the Vietnam National Industry-Energy Group (PVN) and its subsidiaries to buy, export, and import crude oil and materials for oil and petroleum production.

The Government requested the Ministry of Industry and Trade to proactively take measures to ensure sufficient supply of oil and petroleum for domestic consumption.

The Government called for utilizing domestic gas for power generation and increase crude oil output.

The Government requested the Ministry of Finance to coordinate with the Ministry of Justice and the Ministry of Industry and Trade and relevant agencies to promptly draft a Decree amending and supplementing preferential import tariffs for oil and petroleum and submit to the Government on March 7.

The Government noted that if domestic refineries are unable to meet the contracted output of oil and petroleum products with petroleum wholesalers, and if oil and petroleum imports become difficult, causing a shortage of petroleum supply in the domestic market, the Ministry of Industry and Trade is tasked with assessing the domestic supply and demand balance of oil and petroleum products and directing oil and petroleum wholesalers to utilize their reserves or release oil and petroleum from national reserves, to compensate for the market shortage.

The Government requested  the Ministry of Industry and Trade and the Ministry of Science and Technology to urgently take the lead and coordinate with relevant agencies to research and review standards and regulations for biofuels, and the conditions for the early implementation of the biofuel transition roadmap, contributing to reducing the consumption of fossil fuels.

The Government requested  ministries, agencies, and localities to use energy efficiently and ensure the supply of electricity, oil and petroleum in all situations.