Vietnam Imports 10.37 MT of Refined Oil in Jan-October

Vietnam is forecast to have spent $5.85 billion importing 10.37 million metric tons of petroleum products in the January-October period, up 16 per cent on year and 12 per cent, respectively, said the General Statistics Office (GSO).

 

An official said said rising imports are attributed to the increasing demand for distillated fuel by the fast-growing economy and the escalating import prices.

 

In October, the country is predicted to have imported one million metric tons of the products worth $618 million, up 6 per cent on-month and 38.89 per cent on-year in the volume term and up 6.79 per cent on-month and 74.57 per cent on-year in terms of value, the office said.

 

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.

 

The GSO showed that Vietnam is the third largest crude oil producer in Southeast Asia, exporting 12.44 million metric tons of crude oil valued at $6.56 billion in the first ten months, down 7.5 per cent on year and 9.9 per cent, respectively.

 

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 Oct 2007)