Ministry of Industry and Trade rejects Dung Quat's proposal to export petroleum

When product consumption in the domestic market is difficult and product inventory is at risk of exceeding the threshold, consider exporting.

Regarding the proposal of Binh Son Refining and Petrochemical Company Limited on exporting petroleum products of Dung Quat Oil Refinery, Deputy Minister of Industry and Trade - Mr. Cao Quoc Hung has just signed an official dispatch expressing his opinion on this issue.

The Ministry of Industry and Trade pledged to create conditions for maximum consumption of Dung Quat oil refinery products in the domestic market. (Illustration photo: KT)

A representative of the Ministry of Industry and Trade said that Dung Quat Oil Refinery's products have been included in the annual balance of gasoline supply and demand and in principle should be prioritized for the domestic market to help reduce dependence on foreign fuel sources, save foreign currency, and help curb trade deficit.

“The Ministry of Industry and Trade requests that BSR continue to negotiate with petroleum export and import businesses to sell the maximum amount of petroleum products of Dung Quat Oil Refinery for domestic consumption and blending, while at the same time finding solutions to improve the factory’s production and business efficiency to enhance the competitiveness of its products,” the document stated.

The Ministry of Industry and Trade also said it will continue to coordinate with the Ministry of Finance in handling issues related to financial mechanisms and tax policies to facilitate and enhance the competitiveness of Dung Quat Oil Refinery's products, creating conditions for maximum consumption of the plant's products in the domestic market.

In case the domestic market is difficult for product consumption, product inventory is at risk of exceeding the safety threshold, affecting the efficiency and safety of factory operations, then consider the export option.

“The export will be carried out in accordance with Decree 83. The company is requested to provide a specific explanation and submit a registration to adjust the production plan, import raw materials and consume petroleum products for the Ministry of Industry and Trade to consider,” the document stated./.

According to VOV