Petrovietnam and Binh Son Refining have discussed the supply of crude oil to Vietnamese refineries with U.S. partners like Vitol, Tranfigura, and Shell Houston.
During a discussion in Houston, Vietnamese representatives told the U.S. companies that geopolitical tensions had disrupted oil supply from Russia. Meanwhile, crude oil from other regions has seen supply shortages, high costs, and price volatility.
"Through the world's major crude oil suppliers, we would be able to increase purchases, expand the company's oil basket, and stabilize crude oil supply to Dung Quat Refinery," Binh Son Refining and Petrochemical JSC (BRS) stated on its website.
Over the past 12 years, BSR has provided more than 85 million tons of crude oil to Dung Quat, which it manages and operates.
In 2021, the company imported nine types of crude oil for the refinery, including WTI, Azeri, Cabinda, Qua Iboe, Sumatra Light (Minas), Bu Attifel, Forcados, Rabi Blend, and Sokol.
The most imported were U.S. WTI oil and Azerbaijan's Azeri. The total volume of crude oil imported in 2021 was 1.49 million tons, accounting for 21.4% of the total 7.08 million tons of crude oil refined by the Dung Quat refinery.
In 2022, BSR aims to use imported oil at a rate of 18-25%, or around 1.3-1.6 million tons, with the remainder comprising Vietnamese oil. The company plans to expand its oil basket and list of imported suppliers to maintain a consistent supply for Dung Quat.