At a working session on March 29 with the refinery’s leadership during his working trip to the northern-central province of Thanh Hoa, the PM underscored that diversifying oil supply is not merely an economic issue but also a matter of sovereignty, security, and humanitarian concern.
Reporting to the government leader, NSRP General Director Kazutaka Yamato stated that the refinery has proactively sought to diversify its crude oil supply sources in response to global fluctuations that affect energy security. He added that the plant has secured sufficient oil supplies to maintain operations and has temporarily suspended petrochemical production to prioritize fuel output, helping to stabilize around 40 percent of Vietnam’s total petroleum supply.
He expressed appreciation for the Government’s efforts to support crude oil supply for the refinery and proposed further assistance to ensure adequate financial resources for crude imports, thereby maintaining a stable fuel supply to the domestic market.
Yamato suggested tax reductions or exemptions on input materials to ease financial pressures on the plant.
After hearing reports from investors of Vietnam, Japan, and Kuwait on crude oil supply and financial conditions, PM Pham Minh Chinh commended the refinery’s efforts to proactively secure inputs and sustain operations despite challenges.
He noted that in recent days, the Government and the PM have held meetings and phone talks and exchanged correspondence with leaders of many countries to ensure energy security for Vietnam, including crude oil for NSRP. Against this backdrop, he reiterated the urgent requirement for the refinery to broaden its supply base and reduce dependence on fixed sources.
The PM affirmed that the Government and relevant ministries will continue working actively with international partners to increase crude supply for domestic production. He called on the refinery, particularly its investors and financial institutions, to restructure supply chains, finances, and product strategies to improve efficiency and resilience.
Such efforts, he said, should be guided by the principle of "harmonized interests, shared risks,” ensuring that all stakeholders work together to overcome difficulties while contributing to ensuring national energy security.
Earlier the same day, PM Pham Minh Chinh and his entourage inspected a proposed site for a one-million-tonne crude oil storage facility covering an area of 60 ha in Hai Binh Ward, adjacent to the NSRP.
He assigned the provincial authorities to urgently work with affected households to complete site clearance and facilitate project implementation.
The Ministry of Industry and Trade was tasked with directing the Vietnam National Industry-Energy Group to proceed with the project in urgent circumstances while also studying plans to develop gas storage facilities in the Nghi Son area.
