BSR signs crude oil supply framework with ExxonMobil to diversify Dung Quat Refinery feedstock
Petrovietnam Refining and Petrochemical Corp (BSR) has signed a framework agreement with ExxonMobil Asia Pacific to explore crude oil supplies for its Dung Quat Refinery, as Vietnam’s largest refiner seeks to diversify feedstock sources and strengthen its resilience to global energy market volatility.
The agreement was exchanged on Wednesday in New York during a high-level roundtable between Vietnam’s senior leaders and executives of major U.S. corporations. The signing was witnessed by Vietnamese Party General Secretary and President To Lam.
BSR president and CEO Nguyen Viet Thang (sixth from left, front row) presents the Framework Agreement to representatives of ExxonMobil Asia Pacific in New York, September 23, 2026. Photo courtesy of BSR.
The deal with ExxonMobil’s Asia-Pacific affiliate expands BSR’s network of international crude suppliers as the company seeks greater flexibility in sourcing feedstock amid increasingly volatile global energy markets.
Since the beginning of 2026, BSR has evaluated and expanded crude oil supplies from multiple regions, including the U.S. The company has also signed crude supply agreements with Chevron to support stable feedstock availability for Dung Quat Refinery.
A key advantage of the refinery is its increasing ability to process different crude grades. Since the start of 2026, BSR has successfully tested three additional crude types, bringing the total number of grades that Dung Quat can process to 40, comprising 12 domestic and 28 imported grades.
In 2026, BSR has also completed the technical evaluation and processing of Nigeria’s Erha crude at a maximum blending ratio of about 45% by volume, as well as Sao Vang-Dai Nguyet condensate at up to about 12%.
A broader crude basket allows BSR to select feedstock based on market conditions and refinery economics while reducing dependence on traditional suppliers.
Dung Quat Refinery, located in the central Vietnam province of Quang Ngai, is a key component of the country’s domestic petroleum supply system. It imported about 8.28 million tons of crude oil in 2025, with imported crude accounting for around 31% of total feedstock.
Crude oil unloading at the SPM buoy for Dung Quat Refinery. Photo courtesy of BSR.
For 2026, BSR has prioritized balancing domestic and imported crude supplies amid geopolitical uncertainty. Imported crude is expected to account for about 15% of feedstock, sourced from regions including West Africa, the Mediterranean and Southeast Asia.
The framework agreement with ExxonMobil Asia Pacific gives BSR another potential source of crude and strengthens its ability to adjust procurement as global oil markets change.
theinvestor.vn