Vietnam’s Binh Son Refining and Petrochemical (BSRP) has reduced its refinery output to 80% of capacity, a local media reported, citing sources familiar with the plant operations. This marks the second output cut after lowering its output to 90% of capacity in August. The sources also said that BSRP could see operations completely suspended due to tepid domestic fuel consumption.
Vietnam’s fuel consumption fell following a resurgence in COVID-19 cases since April. The government has forced many companies to halt operations while maintaining strict movement restrictions in a third of its provinces and regions.
The sources added that BSRP has resold 1 million barrels of crude oil and is mulling reselling another 1 million barrels to free up its storage. They noted that BSRP’s monthly sales have halved from pre-pandemic levels to 300,000 cubic metres, which resulted in its inventories doubling to 410,000 cubic metres from a month ago.
