PM requires to immediately build crude oil storage facility at Nghi Sơn

PM requires to immediately build crude oil storage facility at Nghi Sơn

The Việt Nam National Industry – Energy Group (Petrovietnam) will take the lead, coordinating with relevant agencies and Thanh Hóa Province.

Prime Minister Phạm Minh Chính chairs the meeting. — VGP/VNA Photo

Prime Minister Phạm Minh Chính on Wednesday ordered the immediate construction of a crude oil storage facility at Nghi Sơn to supply both the Nghi Sơn Oil Refinery and Petrochemical Plant and the national reserve.

The Việt Nam National Industry – Energy Group (Petrovietnam) will take the lead, coordinating with relevant agencies and Thanh Hóa Province.

The PM gave the directive while chairing a meeting on preparations for the national crude oil strategic reserve facility in Thanh Hóa Province. He had previously surveyed the proposed site on March 29.

Reports and discussions at the conference highlighted that building the Nghi Sơn storage facility will help realise the national plan for petrol, oil and gas reserves and supply for 2021–2030, with a vision to 2050.

The project is not only an urgent infrastructure need for energy but also carries strategic significance for economic development and national energy security.

With rising fuel consumption and heavy reliance on international markets, proactively stockpiling crude oil will help Việt Nam mitigate risks from unpredictable supply fluctuations.

The Nghi Sơn facility will also improve operational efficiency at the refinery and petrochemical plant, optimise the supply chain, and support economic development in the north-central region and the country as a whole.

In his concluding remarks, PM Chính stressed the importance of specifying the Politburo's and Party General Secretary Tô Lâm's directives on strategic reserves.

Welcoming the study and preparation efforts by the Ministry of Industry and Trade, Petrovietnam and Thanh Hóa Province, the PM affirmed that the project has full political, legal, practical and planning foundations.

The meeting outlined immediate tasks and long-term plans, including an investment model assigning the reserve facility to a State-owned enterprise while refining policies to attract non-State investors.

Petrovietnam was instructed to urgently prepare the project, submit it for approval by competent authorities and implement it. Thanh Hóa Province People’s Committee will handle site clearance.

Agencies will apply regulations for emergency construction projects, while the Ministry of Finance will finalise the decree guiding the Law on National Reserves, including rules for direct exchange of reserve goods and economic-technical norms.

The Ministry of Industry and Trade will continue to oversee research and construction of other petrol, oil and crude oil reserve facilities at Dung Quất (Quảng Ngãi Province), Long Sơn (HCM City) and other locations.

PM Chính stressed the need to ensure security and safety under all circumstances while maintaining project efficiency.

Petrovietnam will also expand cooperation with foreign partners through leadership agreements to build reserve facilities supporting economic growth of 10 per cent or more, socio-economic development, national defence and security.

The initiative is expected to position Việt Nam as a regional energy centre, enhancing the nation’s prestige and standing. 

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