Vietnam's Jan-Mar Refined Oil Imports Up 21.8 per cent in Volume

Vietnam is forecast to have imported 3.65 million metric tons of petroleum products valued at US$2.81 billion in the first quarter of this year, up 21.8 per cent on year and up 88.9 per cent, respectively, according to the General Statistics Office (GSO).

 

The sharp increase is driven by the record high of crude oil price in the world market at US$110 per barrel mid-Mar, said an official of the Ministry of Industry and Trade who declined to be named.

 

In March, the Southeast Asian country is estimated to have imported 1.2 million metric tons of the products worth US$940 million, down 2.43 per cent on month and up 11.11 per cent on year in term of volume; and down 3.29 per cent on month and up 70.59 per cent on year in terms of value, the office said.

 

Vietnam heavily relies on imported petroleum products as it lacks refineries. Its first Dung Quat refinery is under construction and is slated for operation in early 2009.

 

GSO said that Vietnam is the third largest crude oil producer in Asia, exporting over 3.49 million tons of crude oil worth over US$2.62 billion in the first quarter of this year, up 48.1 per cent on year in value but down 9.9 per cent in volume.

 

Vietnam is forecast to consume nearly 70 million tons of oil equivalents by 2015. (GSO Mar 2008)