Hanoi (VNA) – 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).
At his working session there, Hung spoke highly of the RoK's and KNOC's experience in developing and operating the country's national oil stockpiling system since 1981, particularly in safety management, the receipt, dispatch and rotation of stockpiles, and the ability to mobilise reserves when market disruptions occur. He said these practical lessons are highly valuable to Vietnam.
Hung said Vietnam is accelerating efforts to modernise its crude oil and petroleum product stockpiling system in a safe and efficient manner to strengthen national energy security. In this regard, learning from the RoK's experience in underground storage technology, operations management and risk response is a practical need.
The minister asked KNOC to share its experience in planning, designing, constructing and operating petroleum product storage facilities, particularly underground ones, as well as other related systems, and to coordinate in organising training programmes for Vietnamese officials.
He also called on the two sides to build on their existing cooperation and explore models suited to the needs and legal frameworks of each country, thereby helping Vietnam enhance its storage capacity, diversify tools for ensuring supply and strengthen its ability to respond to energy supply disruptions.
Hung proposed that businesses from the two countries establish focal points to continue sharing experience and supporting Vietnam in developing petroleum storage facilities in the coming period.
He stressed that amid increasingly complex geopolitical developments and volatility in global energy markets, strengthening petroleum reserve capacity is an important factor in consolidating national energy security and ensuring supplies for production and daily life.
The visit to the Guri oil storage facility provided the Vietnamese side with an opportunity to directly study the RoK's experience in organising its national oil stockpiling system, while broadening substantive exchanges between the two countries in the field of energy security./.
VNA
