Jan Refined Oil Imports Down 75.2 percent to US$244 Mln
Viet Nam is estimated to have spent US$244 million on importing 750,000 metric tons of petroleum products in January of 2009, down 75.2% on year in value and 43.4% in volume, the government-run General Statistic Office (GSO) showed.
The country now heavily relies on imported petroleum products as it has no oil refineries. Its first Dung Quat oil refinery is under construction and is slated for operation February 25 this year.
Viet Nam plans to reduce imports of petroleum products by around three million metric tons to limit trade deficit this year.
The expected operation of Vietnam’s first oil refinery in February 2009 will cover the import reduction volume, help reduce the country’s dependence on fuel imports and lower the trade deficit.
Viet Nam is the sixth largest crude oil producer in Asia, exporting 1.38 million metric tons of crude oil worth US$424 million in January, down 52.4% in value but up 12.4% in volume on year. (GSO Jan 2009)
