MoIT leader emphasizes need to ensure sufficient fuel, electricity supply in all situations during Tet

On the morning of February 6, 2024, Minister of Industry and Trade Nguyen Hong Dien inspected the work to ensure sufficient fuel and electricity supply during the Tet time and extended New Year greetings to some energy enterprises – the Military Petroleum Corporation (Mipecorp), Vietnam Oil and Gas Group (Petrovietnam), Vietnam Electricity (EVN), National Load Dispatch Center (NLDC), Long Bien 220kV Substation, and Petrolimex Tran Quang Khai gas station.

Minister of Industry and Trade Nguyen Hong Dien visits, extends Lunar New Year greetings to and inspects the Duc Giang oil depot

During the visits to fuel and oil units, Minister Nguyen Hong Dien acknowledged the achievements of Petrolimex and Mipecorp, and highly appreciated the efforts and sense of responsibility of their leadership and employees in ensuring the supply of goods and organizing sales to meet the consumer needs of the people, contributing to stabilizing market prices as directed by the State.

The Minister emphasized that fuel and electricity are strategic commodities with significance not only for the economy but also for national security and society as a whole. Therefore, the most important goal is to avoid disruptions in supply and prevent any shortage of electricity and fuel in all situations during the Lunar New Year Holiday.

According to the Minister, 2024 is forecasted to be another challenging year for ensuring domestic fuel supply due to the ongoing complex geopolitical situation (increasing strategic competition among major countries, the possibility of prolonged conflicts in Ukraine and Gaza, and potential conflicts in the Red Sea region, which could disrupt supply chains and international trade and global energy flows; OPEC+ continuing to cut oil production; decreasing fuel reserves in the US; and uncertain global economic prospects, etc.), directly impacting global fuel supply and prices. Therefore, companies like the Vietnam National Petroleum Group (Petrolimex) and Mipecorp need to fulfill their role as state-owned enterprises, further develop their networks, be proactive and develop contingency plans to ensure sufficient fuel for the economy in all situations.

Minister of Industry and Trade Nguyen Hong Dien delivers directives and extends Lunar New Year greetings to the leadership of Petrolimex

To ensure sufficient and timely supplies of petroleum in the country in 2024 and during Tet, Minister Dien requested that Petrolimex and Mipecorp strictly implement current legal regulations and directives of the Prime Minister, the Government, and the MoIT to ensure enough gasoline and oil supplies to the market during and after Tet.

He suggested that the businesses proactively reflect and propose policy mechanisms or situational solutions to state management agencies to cope with unexpected developments of the world petroleum market and share responsibilities with other trading units.

Regarding recommendations of the two units, the minister stressed that in the areas under the MoIT's authority, the ministry will quickly consider and resolve them, while others that are beyond its authority or outside its scope will be summarized and reported to the Government and competent agencies for consideration to solve the problems.

During his visits to the National Loading Dispatch Center under EVN and the Long Bien 220kV Substation, Minister Dien recognized the efforts of the group and its units in well performing production and business tasks, ensuring electricity supply for the country's economic development and people's daily use.

The minister advised the units to develop appropriate plans to mobilize power sources, manage and operate power lines safely, minimize incidents; organize duties around the clock; prepare materials, equipment, and means to quickly fix problems (if any); work with local forces to ensure the safety of power systems for fire and explosion prevention, and send daily reports to the MoIT, with a sprit of avoiding any shortage of electricity in all situations during the Lunar New Year Holiday, especially in big cities, political centers, important facilities as well as at big events where people celebrate Tet.

During and after Tet, the electricity sector is urged to keep coordinating with related units and agencies to accelerate construction of power source and grid projects, especially the 500kV circuit-3 transmission line project according to the Prime Minister's directive (by June 30, 2024), other power projects to import electricity from Laos to Vietnam; and implement power supply plans for the dry season 2024. The MoIT is scheduled to have a meeting with enterprises in the electricity sector and related localities on implementation progress of the 500kV circuit-3 transmission line project right after the Lunar New Year Holiday.