March 18, 2020 / 9:26 AM / 11 days ago

Vietnam's state energy firm Petrovietnam says considers stockpiling oil amid low prices

HANOI, March 18 (Reuters) - Vietnam Oil and Gas Group, or PetroVietnam, said on Wednesday it is considering stockpiling crude oil amid low prices, while exploring measures to cope with the impact of the coronavirus.

“PetroVietnam is seeking to cut costs and expand its export market and will consider increasing the purchases of crude oil for stockpiling when the prices bottom,” the company told Reuters in an emailed statement.

“The group is building appropriate plans to respond to any scenarios of the impact (of the coronavirus) on its financial resources, labour and product output,” PetroVietnam said. (Reporting by Khanh Vu; Editing by Alex Richardson)

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