Vietnam oil imports drop 19.9 percent in 2013

Vietnam's oil imports dropped 19.9 percent in 2013 while domestic oil production rose. Vietnam's oil imports dropped 19.9 percent in 2013 while domestic oil production rose, Platts reported. The Vietnam Petroleum Institute said imports dropped for the second straight year to 7.37 million metric tons (mt) of oil products last year, down from 9.2 million mt in 2012. Vietnam received its refined products primarily from Singapore and China in 2013.

While imports were down, oil production and refining increased. Oil refining at PetroVietnam, the country's only oil refiner, increased 17.89 percent in 2013 from the previous year to 6.6 million million mt. Crude oil exports rose 11 percent in December year-over-year to 680,866 mt, which totaled $610 million. Of the countries that received these exports, Japan purchased 231,533 mt.

PetroVietnam said that because the Dung Quat refinery is expected to undergo maintenance, domestic oil output is forecast to reach 4.6 million mt, a decrease of 30 percent from 2013, according to a Jan. 8 Platts report.

"In 2013, Binh Son Refining and Petrochemicals has maintained stable operations for Dung Quat at its designed capacity in 498 days," General Director Dinh Van Ngoc said, according to Platts.

More information on the oil market in Vietnam can be found at PennEnergy's research area.

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