- Vietnam’s largest refinery will run operations at full capacity in the fourth quarter to ensure stable supplies of petroleum products for the domestic market.
- Vietnam’s refined fuel imports in the first nine months of this year rose 22.7% from a year earlier to 6.52 million tonnes
Vietnam’s largest refinery says to run at full capacity to meet fuel demand, reports Reuters.
Background
Vietnam’s biggest refinery will run operations at full power in the fourth quarter to guarantee reliable supplies of petroleum products for the domestic market.
The 200,000-barrel-per-day refinery will supply 2.4 million-2.5 million cubic metres of fuel products in the October-December period as obliged.
The country’s other refinery, Binh Son, said it had ramped up its production to meet domestic fuel demand and was administering at 109% of its capacity.
The two refineries combined meet around 70% of Vietnam’s refined fuel needs.
Key details
The Ministry of Industry and Trade recently asked the State Bank of Vietnam to assist local fuel traders to have adequate access to foreign currencies to pay for imports, as they encounter an abrupt rise in prices.
Vietnam’s refined fuel imports in the first nine months of this year rose 22.7% from a year earlier to 6.52 million tonnes, but the import value rose 131% to $6.8 billion, according to government customs data.
NSRP is 35.1% owned by Japan’s Idemitsu Kosan Co (5019.T), 35.1% by Kuwait Petroleum, 25.1% by Vietnam’s state oil firm PetroVietnam and 4.7% by Mitsui Chemicals Inc.
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Source: Reuters
