VOV.VN - Vietnam National Industry - Energy Group (Petrovietnam), the country’s state-owned oil, gas, and energy conglomerate, has proposed that the government consider temporarily halting crude oil exports in order to prioritise domestic refining and safeguard the country’s energy security.
The proposal comes as escalating tensions in the Middle East raise concerns about potential disruptions to global energy supply chains.
According to Petrovietnam, the government’s recently issued Resolution 36 on urgent measures to ensure fuel supply and manage petroleum prices amid geopolitical risks has allowed the group and its subsidiaries to take a more proactive role in purchasing and importing crude oil and refining feedstocks.
However, the group said stronger policy measures may be needed to safeguard domestic supply. Among the options under consideration is a temporary suspension of crude oil exports so that domestic production can be prioritised.
Petrovietnam said it has reviewed all available feedstock sources, including crude oil and intermediate products from both domestic production and imports, in order to ensure stable operations at Vietnam’s refineries in the coming months.
The group has also worked with international partners to secure additional crude oil supplies and support the Nghi Son Refinery and Petrochemical Company in signing new crude purchase contracts to maintain production.
Meanwhile, Binh Son Refining and Petrochemical is operating the Dung Quat refinery at more than 100% of its designed capacity, helping boost fuel supply for the domestic market and standing ready to support the Nghi Son refinery if necessary.
In the gas sector, PetroVietnam Gas Joint Stock Corporation (PV Gas) is currently supplying the maximum available volume of domestic gas to power plants, with output reaching around nine million cubic metres per day, largely meeting demand.
For liquefied natural gas, PV Gas has already secured two LNG cargoes to ensure gas supply for electricity generation and industrial production in the coming months.
The cargoes passed through the Strait of Hormuz before tensions escalated and have therefore not been affected. However, LNG prices on international markets have risen, prompting the group to prepare additional supply options to ensure adequate LPG availability.
Upstream subsidiaries, including PetroVietnam Exploration Production Corporation (PVEP) and the Vietsovpetro joint venture, have been instructed to maintain and increase production in order to mitigate the impact of rising transportation costs and potential supply disruptions.
At the same time, fuel distributor PetroVietnam Oil Corporation (PVOIL) has developed contingency plans to increase imports and diversify supply sources and shipping routes depending on market conditions.
Petrovietnam said its Ca Mau and Phu My fertiliser plants are continuing to operate steadily using domestically supplied gas, giving them a cost advantage over facilities that rely on imported gas.
In the shipping sector, PVTrans has reviewed the operations of its tanker fleet, ensuring vessels are positioned in safe anchorage areas and preparing contingency plans to move ships away from high-risk zones if required.
Petrovietnam has also established a real-time coordination and information-sharing mechanism among its subsidiaries to monitor market developments and respond quickly to emerging risks.
The group said that with these measures in place, Vietnam’s domestic fuel and energy supply remains largely secure despite growing geopolitical uncertainties and the risk of disruptions to global energy supply chains.
Vietnam saw a strong increase in fuel imports in the first two months of this year amid global energy uncertainty triggered by spiralling Middle East tensions.
VOV.VN - Geopolitical tensions in the Middle East are pushing up oil prices and maritime freight rates, increasing cost pressure on businesses, particularly exporters and manufacturers that rely heavily on logistics and imported inputs.
VOV.VN - Despite fluctuations in the global energy market caused by conflict in the Middle East, Vietnam’s domestic petroleum supply is assessed as largely stable.
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