Petrovietnam buys 18 million barrels of overseas crude amid supply disruptions
The group says broader sourcing helped sustain refinery operations, while revenue reached ₫1.2 quadrillion and met its annual goal ahead of schedule.
Vietnam's Petrovietnam purchased 18 million barrels of crude from overseas suppliers after Middle East conflicts disrupted supplies, according to Le Ngoc Son, chairman of its Members' Council. He said government support helped the group widen its sourcing options and keep refineries operating at high capacity.
Son said the group provided Dung Quat and Nghi Son refineries with an additional 25 million barrels during January–September 2026, alongside domestically produced crude. Together, the refineries supply more than 70% of Vietnam's petroleum needs.
Petrovietnam's revenue reached ₫1.2 quadrillion, meeting its full-year goal with three months to spare, Son said. Payments to the state budget totalled ₫122.9 trillion, equivalent to 93% of the annual target.
Petrovietnam Refining and Petrochemical Corporation said it had secured most of the crude it needed for the remainder of 2026. The company is matching imports to refining requirements and managing stocks within prescribed limits. Its nine-month output was 6.15 million tonnes, consolidated revenue was ₫164.53 trillion and state budget payments were ₫10.51 trillion.
Meanwhile, PetroVietnam Exploration Production Corporation (PVEP) reported 3.30 million tonnes of oil-equivalent production for January–September 2026, surpassing its target by 10% and increasing 27% year on year. Budget contributions climbed 69% to ₫15.295 trillion.
PVEP finished development drilling at 18 of 27 wells, with nine still under way. Its leaders said the corporation would speed up exploration, appraisal and reserve assessments, while directing investment towards activities capable of delivering production and cash flow.
