{
  "id": 18306064,
  "title": "Petrovietnam ran out of Middle East crude during the Iran war—now it’s betting on LNG, wind, and nuclear",
  "url": "https://urgent.news/2026/11/05/petrovietnam-ran-out-of-middle-east-crude-during-the-iran-war-now-its",
  "topic": "world",
  "section": "World",
  "published": "2026-11-05T11:32:05.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/11/05/petrovietnam-iran-war-crude-shock/"
  },
  "original_language": "en",
  "account": "With Iran blockading the Strait of Hormuz in March, global exports of Middle Eastern crude were disrupted, heavily impacting energy-scarce Southeast Asia. Vietnam, the region's fastest-growing economy, was no exception. Le Manh Cuong, president and CEO of state-owned oil and gas company Petrovietnam, revealed during the Fortune Southeast Asia 500 Summit that one of its two refineries relies solely on Middle Eastern crude. The country had to find alternative crude supply, navigating partnerships with various nations. This energy crisis coincides with ASEAN's struggle to balance energy security, affordability, and sustainability amidst geopolitical turmoil and the drive for value-chain advancement. Le noted that rising energy demand, increased geopolitical risks among suppliers, and emission reductions were challenging the region's energy landscape. Building resilient power supplies, affordable energy, and transitioning to cleaner energy sources simultaneously is crucial. Established in 1975, Petrovietnam has managed Vietnam's oil and gas resources and conducted geological exploration in countries like Malaysia, Indonesia, and Mongolia. With $24 billion in annual revenue in 2025, Petrovietnam is ranked 11th on Fortune's Southeast Asia 500 list. Its growth, fueled by high-tech manufacturing, exports, and public infrastructure investment, has led to an 8.02% increase in GDP in 2025, reaching $514 billion. Vietnam's GDP per capita is projected to surpass Indonesia's by 2025, at $5,259. To meet growing energy needs, Petrovietnam plans a two-fold approach: mid-term reliance on liquified natural gas (LNG) and a longer-term strategy incorporating offshore wind and nuclear power. Petrovietnam currently operates two 1,600 MW LNG-fired power plants. In October, the company partnered with Copenhagen Infrastructure Partners to advance the Nam Trung Bo 1 Offshore Project, valued at $4 billion. Petrovietnam has also contributed to Europe's offshore wind industry, delivering its first offshore wind structures, the Baltica 2 substations, to Poland. Furthermore, Vietnam signed a nuclear power deal with Russia's Rosatom, assigning Petrovietnam the task of developing the Ninh Thuan 2 plant in Khanh Hoa province. Despite focusing on its core business, Petrovietnam aims to be Vietnam's first Global 500 company, emphasizing innovation, investment, and global expansion.",
  "summary": "CEO Le Manh Cuong says Petrovietnam went without Middle East crude during the Iran war and is now diversifying into LNG, wind, and nuclear.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}