On the morning of April 1, Prime Minister Pham Minh Chinh chaired a meeting on the construction of a crude oil reserve in the Nghi Son area of Thanh Hoa province, following his on-site inspection on March 29. The meeting was attended by Deputy Prime Ministers, leaders of ministries, central agencies, Thanh Hoa authorities, and representatives of the Vietnam National Industry - Energy Group (Petrovietnam).

At the meeting, the Prime Minister stressed that the project has sufficient political, legal and practical grounds and is in line with existing planning, and therefore should be implemented immediately without delay. He underlined the project’s importance in enhancing storage capacity and ensuring a proactive energy supply amid increasingly volatile global markets.

The Prime Minister assigned Vietnam Oil and Gas Group (Petrovietnam) to take the lead, in coordination with relevant ministries, sectors and Thanh Hoa province, to accelerate the construction of the Nghi Son crude oil reserve. The facility will both directly serve the Nghi Son Refinery and Petrochemical Complex and contribute to the development of a national reserve system.

Local authorities were instructed to proactively handle site clearance, while relevant agencies were asked to expedite investment procedures, including the possible application of special mechanisms for urgent projects to shorten timelines.

Beyond a single project, the Prime Minister also tasked the Ministry of Industry and Trade with continuing to study and propose the development of additional crude oil and petroleum storage facilities in areas such as Dung Quat, Long Son and other suitable locations.

This direction reflects a broader strategy to develop an interconnected energy storage network linked to refinery and petrochemical hubs and logistics infrastructure, thereby enhancing resilience against global supply shocks.

Regarding investment mechanisms, the Government agreed in principle to assign state-owned enterprises to take the lead in developing these reserves in the initial phase. At the same time, relevant agencies were asked to refine policies to mobilize private sector resources, ensuring a balance of interests and promoting the role of enterprises in areas where they can operate effectively.

The early establishment of crude oil reserves is expected not only to stabilize refinery operations but also to strengthen the Government’s ability to manage the energy market proactively, ensuring long-term national energy security.