Proactively improving crude oil storage capacity from more than a year ago
Binh Son Refining and Petrochemical Joint Stock Company (BSR) - a member unit of Vietnam National Group of Industry and Energy (Petrovietnam) - informed that it has early implemented specific steps to improve crude oil storage capacity at Dung Quat Oil Refinery (NMLD). This is the second largest oil refinery in the country.
From investing in additional crude oil storage tanks to upgrading product export infrastructure, BSR shows the role of a key energy enterprise, not only ensuring production and business, but also proactively improving internal resources for national energy security.
In Official Dispatch No. 22/CD-TTg dated March 11, 2026, Prime Minister Pham Minh Chinh requested to accelerate the supplementation of national gasoline and oil reserves. This direction was issued in the context that the world energy market continues to fluctuate strongly due to geopolitical factors, especially the conflict in the Middle East is developing complicatedly, causing risks of breaking the global supply chain.
As a unit with an important role in ensuring national energy security, BSR has proactively improved crude oil storage capacity since more than a year ago. In February 2025, BSR implemented a project to build additional crude oil storage tanks, and signed an EPC contract to upgrade and expand the product output station.
This is not just a decision to invest in ordinary infrastructure, but a calculated step to increase crude oil storage capacity, improve operational flexibility and expand response capabilities to unpredictable fluctuations in the international oil market.
Currently, Dung Quat Oil Refinery has a processing capacity of 148,000 barrels of crude oil/day, expected to increase to 171,000 barrels/day after the Factory Upgrade and Expansion Project is completed. The plant currently has 8 crude oil tanks, and the investment in new tanks will contribute to increasing the total crude oil capacity of the plant.
From the investor's perspective, the meaning of the project lies in the ability to expand reserves, enhance safety for the entire production operation. With a plant contributing more than 30% of the domestic market's gasoline and oil demand, increasing crude oil storage capacity not only serves internal operating needs, but also helps businesses be more proactive in arranging raw materials, minimizing risks in the face of supply "shocks" and maintaining a stable production pace when the external market fluctuates strongly.
Optimizing input crude oil sources towards diversification
Mr. Nguyen Viet Thang - General Director of BSR - said that the addition of crude oil tanks will help the company optimize input crude oil sources in a diversification direction, allowing the simultaneous receipt and storage of many different types of crude oil. Thereby, improving flexibility in oil imports, being more proactive in coordinating operations and expanding the "basket" of raw crude oil.
The project not only contributes to minimizing risks in the face of energy market fluctuations but also helps optimize logistics costs, especially ship storage costs, and at the same time improves strategic crude oil reserve capacity. This is an important solution to improve production and business efficiency and the factory's response capacity and is also a step in line with the Government's policy on strengthening national energy reserves, contributing to ensuring energy security and national defense.
Mr. Pham Van Hung - Deputy General Director of Vietnam Oil and Gas Technical Services Corporation (PTSC), Chairman of the Board of Directors of PTSC Quang Ngai - said: "Up to now, the project is being promoted at the most urgent pace, we have completed the installation of the final body layer of the tank, contributing to completing the main structure of the project. We are determined to put the project into operation about 3 months ahead of schedule.
Accelerating the project construction progress shows the great determination of Petrovietnam, BSR and construction units in early improving reserve capacity, shifting the policy of increasing reserves as required by the Government into existing infrastructure in practice.
