Vietnam Refinery to Boost Crude Oil Imports in Q4

The refinery, with a capacity of around 200,000-barrel-per-day, had operated at full capacity in October this year.

SEATTLE (Oil Monster): Nghi Son Refinery and Petrochemical (NSRP) - the largest refinery in Vietnam, announced plans to significantly increase crude oil imports during the fourth quarter of the current year.

As per announcement by state-owned PetroVietnam, which owns 25.1% stake in NSRP, the refinery will import 2.52 million tonnes of crude oil in Q4. Accordingly, it will buy nine cargoes of 280,000 tonnes each during the last quarter of the year. The decision follows severe fuel shortage in the country during the past several weeks.

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The refinery, with a capacity of around 200,000-barrel-per-day, had operated at full capacity in October this year. PetroVietnam expressed hopes that it will continue to operate at full capacity over the coming months as well.

In accordance with official customs data, Vietnam’s crude oil imports surged higher by almost 17% year-on-year during the initial ten-month period in 2022 to total 9.4 million tonnes. At the same time, the refined fuel imports by the country recorded 22.7% year-on-year jump to 7.1 million tonnes.

Recently, the Ministry of Industry and Trade (MoIT) had requested NSRP to maintain stable production activities and maximise production in order to ensure that sufficient petroleum reaches the domestic market. In response NSRP had committed to operate the refinery at 100% utilization rate in Q4.