Vietnam's Refined Oil Imports Up 12 per cent on Year
The fast-growing economy of Vietnam is estimated to have demanded 7.55 million metric tons of petroleum products valued at US$4.06 billion from January to July 2007, both up 12 per cent, the General Statistics Office (GSO) released Friday said.
In July alone, the communist-ruled nation imports 1.05 million metric tons worth US$620 million, unchanged in volume but up 5 per cent in value, it added.
A Ministry of Trade official said rising imports over the seven months are attributed to the use of distillated fuels by the fast-growing national economy.
The Vietnamese industrial production is forecast to grow 17 per cent to reach a production value of VND326 trillion (US$20 billion) in the first seven months this year.
Meanwhile, the cargo transport sector also records 8.8 per cent rise in passenger conveyance and 7 per cent in cargo conveyance.
Currently, Vietnam relies heavily on imported petroleum products as it lacks refining facilities. Its first refinery, Dung Quat, is under construction and slated for operation in early 2009.
Also according to the GSO, Vietnam is the sixth largest crude oil producer in Asia, exporting 64.85 million barrels valued at US$4.43 billion, down 8.6 per cent in volume and 11.3 per cent in value on year.
Vietnam is forecast to import 13.3 million metric tons of petroleum products to meet the domestic energy demand in 2007, up 20 per cent on year. (GSO June 2007)
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