Vietnam Ships 12.44 Mln Metric Tons of Crude Oil, Down 7.5 per cent in Jan-October
Vietnam is estimated to have shipped 12.44 million metric tons of crude oil valued at $6.56 billion in the first ten months of this year, down 7.5 per cent on year and 9.9 per cent, respectively, said the General Statistics Office (GSO).
In October, the country is expected to export 1.27 million tons of crude oil valued at $770 million, up 15.45 per cent on-month and down 2.36 per cent on year in the volume term, and up 18.1 per cent on-month and 32.76 per cent on year in value term, it said.
The October revenue growth is attributed to the price hikes of exported crude oil during the time.
A source from the state-owned oil monopoly PetroVietnam group said the oil output is not as high as expected this year, adding that the group has to cut the target by roughly one million tons of crude to 16.8 million tons.
Currently, Vietnam, which has no major refining facilities, imported almost all refined oil products to meet its demand for fuel.
Vietnam is predicted to spend $5.84 billion importing 10.37 million tons of petroleum products in the nine months, up 16 per cent in value and 12.1 per cent in volume. (GSO Oct 2007)
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