Vietnam's Jan-Feb Refined Oil Imports Down 60 per cent to US$753 Mln
Vietnam is estimated to have spent US$753 million on importing 1.82 million metric tons of petroleum products in the first two months of 2009, down 60 per cent on year in value and 26.2 per cent in volume, the government’s General Statistic Office (GSO) said.
In February, the country imports 950,000 metric tons of petroleum products worth US$400 million, up 9.57 per cent and 13.3 per cent on-month, down 22.51 per cent and 58.84 per cent on-year, respectively.
Vietnam plans to reduce imports of petroleum products by around three million metric tons to limit trade deficit this year.
The newly-operation Vietnam’s first oil refinery Feb 22 is expected to cover the import reduction volume, help reduce the country’s dependence on fuel imports and lower the trade deficit.
Vietnam is the sixth largest crude oil producer in Asia, exporting 2.88 million metric tons of crude oil worth US$958 million in Jan-Feb, down 42.4 per cent in value but up 26.7 per cent in volume on year. (GSO Feb 2009)
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