Dung Quat Oil Refinery Expands Crude Oil Storage Capacity by 12.5%

SEATTLE (Oil Monster): Vietnam's Petrovietnam Refining and Petrochemical Corporation (BSR) announced that it has completed a milestone development at the Dung Quat Oil Refinery by increasing the facility's crude oil storage capacity by 12.5%. The development is expected to improve operational reliability and strengthen the country's fuel supply chain.

The newly commissioned crude oil storage tank, located at the refinery in Quang Ngãi Province, was finished more than a month ahead of its planned completion date. With the new addition, the refinery's total storage capacity has reached 585,000 cubic meters, sufficient to support refinery operations for approximately 15 days.

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BSR said the increased storage capacity will help the refinery to manage its production schedules in a better and more efficient way. Furthermore, it will help to ensure uninterrupted operations at the refinery during these challenging times when the market is faced with extreme volatility, driven by fluctuations in crude oil prices and unforeseen disruptions in the supply chain.

Also, BSR noted that additional storage capacity allows it to optimize the timing of crude purchases, in addition to reducing reliance on costly external storage facilities.

Looking ahead, BSR reaffirmed its commitment to make additional investments in the ongoing expansion and upgrade of the Dung Quat Oil Refinery, aimed at boosting its operaing efficiency and refining capacity.