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Dung Quat oil refinery faces difficulties when world oil prices are low – Photo: P.V.N.
The representative of PVN said that this information in the announcement has been sent to the press agencies.
Specifically, PVN said that in the current low oil price situation, the purchase Raw oil Accumulating is the correct and reasonable direction that offers many opportunities to the country.
However, the import of reserve oil will face a number of difficulties, as there is no policy mechanism on the risks of this activity when buying bottom fishing, leading to losses.
Crude oil storage is still limited, the whole country has only 2 crude oil deposits from 2 Dung Quat and Nghi Son refineries for factory production, no national oil stocks.
It is not feasible to hire a tanker due to financial difficulties, especially in this period.
Therefore, PVN proposed that the Government should have solutions to support the group and its member units to obtain cheap loans; extend loan debts on difficult projects and businesses; callow PVN and its member units to use deposits in Ocean Bank or use this money to pay the obligations with the State budget; ddRegulating the retail oil and petroleum market, considering suspending oil imports, balancing supply and demand between domestic production and imports, regulating oil and petroleum prices at a reasonable level to maintain operations in the oil chain. production and business. businesses from mining to processing, supplying products to save the country’s economy, keeping jobs for workers.
Furthermore, according to the representative of PVN, the reduction in the price of oil during the period between the beginning of 2020 and now has greatly affected the income and commercial performance of PVN and its subsidiaries.
For the oil and gas field, if the price of oil falls by $ 1 / barrel, revenue will drop by about 2.2 trillion dong / year. With the price of oil at $ 30 / barrel, PVN revenue will decrease by approximately 55 trillion dong / year compared to the oil price in the trade plan, the first price is $ 60 / barrel.
Oil production and commercial activities will be negatively affected by the COVID-19 epidemics and low oil prices when demand for transportation and circulation decreases.
Oil refineries experience losses due to storage, low product price differentials, sometimes lower gasoline prices than oil prices, and the risk of downtime due to high inventories.
According to the PVN forecast, the corporation’s budget in 2020 will be approximately 18.6 trillion dong lower than the planned oil price.
Crude oil is below 0 USD, what is the internal price?
