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Ensuring sufficient petroleum supply in the second quarter of 2022

Ensuring sufficient gasoline supply in the second quarter of 2022 - Photo 1.

Ensuring petroleum supply in the second quarter of 2022. Photo: VNA.

According to the Ministry of Industry and Trade, the world petroleum market continues to be complicated, the global supply of oil products is still lower than the demand for oil in the world market because the world’s major oil suppliers have not yet restore production capacity as expected; instability in some major oil supplying countries (Middle East, North Africa …) and the lack of progress in negotiations on the Iran nuclear issue also resulted in a shortage of oil supply compared to oil demand.

The price of finished petroleum products on the world market has increased and decreased, but the general trend is increasing. Currently, the price of crude oil on the world market has surpassed the threshold of 100 USD/barrel, at WTI oil is 102,560 USD/barrel, Brent oil is 107,250 USD/barrel (April 19, 2022) and is still having complicated movements.

The domestic petroleum market in the first quarter of 2022 experienced many fluctuations. The domestic petroleum supply is affected by the fact that Nghi Son Refinery (accounting for 35-40% of total supply) has sharply reduced its production capacity and failed to supply enough petroleum output to the market as promised. conclude.

Meanwhile, the source of petroleum from imports faced difficulties due to the sharp increase in prices and great competition when the supply was interrupted due to the armed conflict between Russia and Ukraine. However, following the direction of the Ministry of Industry and Trade, the leading petroleum trading enterprises have stepped up the importation and made efforts to supply petroleum to maintain the supply for the market, so basically the supply of petroleum for the market has been increased. The domestic market in the first quarter is always guaranteed.

Regarding the supply of petroleum for the second quarter of 2022, according to the report of Nghi Son Refining and Petrochemical Co., Ltd, currently, the company has worked with the product distribution branch of Nghi Son Refinery on the volume of oranges. sold in the second quarter of 2022 under the petroleum product off-take contract (FPOA). Accordingly, the output committed by Nghi Son Refining and Petrochemical Co., Ltd. to supply in the second quarter of 2022 is 1,830 million m3, of which in April is 590,000 m3; May is 630,000 m3; June is 610,000 m3 (this announced volume is the official off-take volume that is legally binding with the Product Distribution Branch of Nghi Son Refinery).

However, the implementation of the above production plan depends on the implementation of financial solutions by Nghi Son Refining and Petrochemical Co., Ltd. Currently, the National Oil and Gas Group (PVN) has issued a Resolution approving the FPOA early payment mechanism until the end of May 2022, so Nghi Son Refinery and Petrochemical Co., Ltd has enough conditions to operate stably. until the end of the second quarter of 2022.

The product distribution branch of Nghi Son Refinery has sent an official document to Nghi Son Refinery and Petrochemical Co., Ltd., requesting that the company be obliged to produce and supply the output of the second quarter of 2022 to the branch. distribute products of Nghi Son Refinery as committed and Nghi Son Refinery and Petrochemical Co., Ltd. must not give any attached conditions.

Currently, the product distribution branch of Nghi Son Refinery has been implementing a detailed plan of delivery and receipt for domestic petroleum wholesalers according to the contracts signed in the month. April 2022 and prepare delivery schedule for May 2022. For delivery for June 2022, the product distribution branch of Nghi Son Refinery is working closely with Nghi Son Refinery and Petrochemical Co., Ltd. Update the plan as soon as possible.

Expected demand for petroleum in the second quarter of 2022 is about 5.2 million m3. The total demand for petroleum for the domestic market in 2022 is about 20.6 million m3. Petroleum supply is expected to be about 6.7 million m3 in the second quarter of 2022, including supply from domestic factories ( Nghi Son Refinery is expected to be 1.8 million m3, Binh Son Refinery is expected to be 1.9 million m3), the import source is about 1.5 million m3 (excluding the fact that enterprises must comply with Decision No. 242/QD-BCT is 800,000 m3/month, equivalent to the whole second quarter of this year. 2.4 million m3) and inventory from Q1 changed to (1.5 million m3). With the above supply, it will meet the consumption demand of the second quarter and the inventory will be about 1.5 million m3 in the third quarter.

According to the Ministry of Industry and Trade, in order to ensure the domestic petroleum supply in the coming time, the Ministry of Industry and Trade directs the leading petroleum trading enterprises to implement the plan to allocate total resources and additional minimum import quotas. was assigned by the Ministry of Industry and Trade in the second quarter to ensure a continuous supply of petroleum for the domestic market to serve production, business and consumption of people and businesses.

On the basis of reports on specific plans for petroleum production and supply from domestic production sources, in balance with domestic consumption demand, adjust the allocation of petrol and oil import quotas to key traders. petroleum in the last 6 months of 2022.

At the same time, coordinate with the Ministry of Finance, manage gasoline prices in close contact with world gasoline price movements, in line with domestic petroleum supply and demand movements to ensure harmonization of interests among market participants. petroleum market, encourage businesses to maintain supply and limit acts of speculation or smuggling of petroleum across borders to neighboring countries.

In particular, the Ministry directs the market management force nationwide to continue to strengthen the inspection and control of the market closely at the retail stage and strictly handle violations according to regulations.

The representative of the Ministry of Industry and Trade also suggested that the State Capital Management Committee at enterprises direct PVN to expeditiously work and negotiate with relevant parties to soon resolve the internal problems in the joint venture. at Nghi Son Refinery and Petrochemical Plant to ensure stable production and supply of petroleum for the domestic market.

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