Vietnam’s largest refinery receives Congolese crude oil for the first time, actively expanding import channels
Source: Global Markets Report
Vietnam National Oil and Gas Group (Petrovietnam) recently announced that the country's largest crude oil processing base, Nghi Son Refinery and Petrochemical LLC, received 950,000 barrels of Djeno crude oil from Congo (Brazzaville) for the first time last week.
Nghi Son Refinery and Petrochemical LLC has a daily capacity of 200,000 barrels, and its crude oil supply previously relied almost entirely on imports from Kuwait. Recently, the refinery's traditional crude oil supply routes have been disrupted due to escalating regional tensions, including conflicts involving Israel and Iran. In response, Petrovietnam stated that diversifying crude oil import channels is of great practical significance for enhancing the self-sufficiency of raw materials. This measure will not only help maintain stable refinery operations, but also effectively ensure the supply of petroleum products for the domestic market in Vietnam.
To guarantee the crude oil reserves needed for production and operations, Nghi Son Refinery and Petrochemical LLC had previously stated it is considering a combination of quarterly tenders and spot purchases. Petrovietnam also reiterated that it will continue to expand crude oil imports for domestic refineries in the future. In addition, according to the latest shipping data, a tanker carrying Iraqi crude oil is expected to arrive at the Nghi Son Refinery on May 30.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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