BSR signs crude oil purchase framework agreement with ExxonMobil Asia Pacific
On September 23 Petrovietnam Refining and Petrochemical Corporation exchanged a Framework Agreement for crude oil purchases with ExxonMobil Asia Pacific opening a new avenue of cooperation in feedstock supply for Dung Quat Refinery
On September 23, Vietnamese oil refiner Petrovietnam Refining and Petrochemical Corporation signed a Framework Agreement for crude oil purchases with ExxonMobil Asia Pacific. The signing ceremony took place in the presence of Party General Secretary and State President To Lam, alongside senior officials from the Party, the state, and the Vietnamese government.
The agreement was disclosed at a roundtable with executives from prominent US corporations, highlighting Petrovietnam's commitment to diversify its crude oil sources. The move comes as the corporation aims to bolster operational flexibility and resilience in the face of the increasingly unpredictable global energy market. Since the start of 2026, Petrovietnam has been actively identifying and expanding its crude oil supply sources, recently partnering with Chevron to ensure a stable feedstock supply for its Dung Quat Refinery.
Petrovietnam's Dung Quat Refinery has been steadily expanding its ability to process a broad range of crude oil grades, currently handling 40 types in total. This includes 28 imported grades, such as Nigeria's Erha crude and Sao Vang – Dai Nguyet condensate, which Petrovietnam successfully mastered in 2026. By broadening its crude oil basket, Petrovietnam can more effectively adapt to market conditions and reduce its dependence on traditional supply sources.
In 2025, the refinery imported around 8.28 million tonnes of crude oil, with imports constituting about 31 percent of its total feedstock. For 2026, Petrovietnam is prioritizing a balanced mix of domestic and imported crude, maintaining an imported share of roughly 15 percent to safeguard supply security amid geopolitical uncertainties.
The Framework Agreement with ExxonMobil Asia Pacific is a step towards expanding Petrovietnam's network of international crude oil suppliers, providing additional feedstock options for the Dung Quat Refinery. This strategic move aligns with Petrovietnam's broader strategy to strengthen feedstock security, adapt to oil market volatility, and enhance the refinery's operational resilience.
Written by urgent.news from Vietnam Investment Review's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
