Vietnam learns from RoK's experience in oil stockpiling
Minister of Industry and Trade Le Manh Hung on August 28 visited the Guri diesel storage facility operated by the Korea National Oil Corporation (KNOC), as part of his working trip to Seoul, the Republic of Korea (RoK).
On August 28, Vietnam's Minister of Industry and Trade Le Manh Hung toured the Guri diesel storage facility in Seoul, South Korea, as part of his working trip. During the visit, Hung praised South Korea's and Korea National Oil Corporation's (KNOC) experience in creating and managing their national oil stockpile system since 1981, with a focus on safety management, stockpile handling, and reserve mobilization. He emphasized that these real-world insights are invaluable for Vietnam.
Hung stated that Vietnam is intensifying efforts to modernize its crude oil and petroleum product storage system in a secure and efficient manner, aiming to bolster national energy security. In this context, learning from South Korea's expertise in underground storage technology, operations management, and risk response is crucial.
He requested KNOC to share lessons on planning, designing, building, and operating petroleum storage facilities, especially underground ones, as well as related systems. Additionally, Hung urged the two nations to build upon their existing collaboration and explore suitable models for Vietnam's specific needs and legal framework, thereby enhancing Vietnam's storage capacity, supply diversification, and response to energy supply disruptions.
Hung proposed that companies from both countries establish focal points to continue exchanging experiences and assist Vietnam in crafting petroleum storage facilities in the future. He highlighted that, given the growing geopolitical complexity and volatility in global energy markets, expanding petroleum reserve capacity is crucial for reinforcing national energy security and ensuring supplies for both production and daily life.
The visit to the Guri oil storage facility enabled Vietnam to observe firsthand South Korea's approach to managing its national oil stockpile system while fostering substantive exchanges between the two nations in the realm of energy security.
Written by urgent.news from SGGP English Edition's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
