Vietnam to auction 100M litres of gasoline from strategic reserves

Oil

Vietnam has announced it will auction 100M litres (or around 6.29M bbls) of gasoline from its national strategic reserves later this month in order to ease a domestic supply shortage, Reuters report. This comes as the 200K b/d Nghi Son refinery, which is the largest in the country, is currently operating at around 55-60% of its operable capacity due to ongoing financial constraints and a power outage on Monday. The refinery is not expected to resume full production until at least the end of April, despite a previous announcement it would reach this level by mid-March.