Vietnam Crude Oil Exports Tumbles 46.8% to 2.247M Tons in Q1
Vietnam is estimated to have exported 2.247 million metric tons of crude oil worth US$1.338 million in the first quarter of this year, representing falls of 46.8% and 9.6% from a year earlier, respectively, according to the General Statistics Office (GSO).
The country shipped abroad 895,000 metric tons of crude oil valued at US$542 million in Mar, indicating tumbles of 64.52% and 74.83% from a month earlier, respectively, the GSO said.
Crude oil is now Vietnam’s second largest forex earner, representing 9.54%% of the country’s export revenues in the Jan-Mar, the office said.
The country’s crude oil exports are projected to decrease by 28.2% to 9.43 million metric ton this year to feed its first oil refinery Dung Quat.
The refinery in the central province of Quang Ngai has been running at full capacity since February 16. It has to date refined 2.55 million tons of crude oil into 2.05 million tons of high-quality products, including over 1.7 million tons sold to the domestic market.
The US$3.054-billion plant is expected to refine 5.2 million tons of crude oil into 4.75 million tons of products this year to meet 30% of the country’s oil products demand. (GSO)
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