Hanoi (VNS/VNA) – The Petrovietnam Refining and Petrochemical Corporation (BSR) on August 5 inaugurated the construction of an additional crude oil storage tank for its Dung Quat Oil Refinery, raising the refinery's total crude oil storage capacity by 12.5% to 585,000cu.m.

The project, which is in the central province of Quang Ngai, was completed more than 30 days ahead of schedule.

With this addition, the storage system can hold enough crude oil to sustain refinery operations for approximately 15 days. The extra capacity also enables the company to receive an additional shipment of crude oil via a Suezmax tanker.

According to BSR General Director Nguyen Viet Thang, the increased storage capacity will help the refinery maintain continuous operations, allow for greater flexibility in production management and ensure a secure supply of raw materials.

In recent years, the global energy market has frequently fluctuated due to changing oil prices, potential supply chain disruptions and shifting trade flows. Against this backdrop, enhanced storage capacity allows the company to flexibly time its oil imports, minimising the risk of incurring costs associated with vessel demurrage or external storage rentals.

Bringing the new storage tanks into operation enables BSR to boost its crude oil storage capacity, strengthen its resilience against energy market volatility and help ensure a stable domestic supply of petroleum products.

BSR said that it will continue to invest in infrastructure upgrades while effectively managing and using its new crude oil storage capabilities.

The company is also carrying out key projects, including the upgrade and expansion of the Dung Quat Oil Refinery, aimed at increasing production capacity and efficiency while enhancing competitiveness./.