PetroVietnam says limited storage to prevent it from stockpiling crude

Vietnam Oil and Gas Group, known as PetroVietnam, said on Wednesday that its limited storage capacity would prevent it from stockpiling crude oil despite low prices. The company said last month it was considering stockpiling crude oil amid low prices while exploring measures to cope with the impact of the coronavirus outbreak.

"There is no national (crude oil reserve) storage, except for the storages of the two oil refineries owned by Binh Son Refining and Petrochemicals and Nghi Son Refinery and Petrochemical," PetroVietnam said in a statement. Hiring tankers for storing crude oil is not feasible given its budget constraints, the company added.