Vietnam's Binh Son Refinery Secures Oil Supply Through July

Vietnam's Binh Son Refining and Petrochemical has secured sufficient crude oil to operate until early July. The refinery, processing 130,000 barrels per day, is sourcing all oil domestically. Expansion and maintenance projects are on the horizon, with a strategic reduction of Petrovietnam's stake planned.

Vietnam's Binh Son Refining and Petrochemical announced on Monday it has successfully secured enough crude oil to ensure smooth operation until early July.

The refinery, with a processing capacity of 130,000 barrels per day, will rely entirely on domestically produced crude oil for its operational needs, according to an official statement by the company.

Looking ahead, the company plans to sign a major contract for the expansion of the refinery, a project slated for completion by the end of 2028. Additionally, a substantial maintenance program is scheduled for 2027. Petrovietnam, the state energy company, will eventually reduce its ownership stake in the refinery from over 92% to 49%, as the first-quarter crude oil output increased by 11.5% compared to the previous year, reaching 2.17 million tons.

(With inputs from agencies.)