Vietnam, the sixth largest crude oil producer in Asia, is now optimistic about the goal to obtain US$7.4 billion from exporting crude oil this year, equivalent to last year’s value, in spite of falling exploitation outputs in major fields, State media said.
The belief is based on the soaring price on the global market due to tensions in some regions in the world, it said.
In the first half of this year, the communist-ruled nation earned US$4.2 billion from exporting 8.3 million tons of crude oil, up 23.5 per cent on year in value despite a fall of 6.1 per cent in volume.
During this period, the crude oil price is averaged over US$69 a barrel, or US$506 a ton.
Currently, the world oil price is moving around US$79 a barrel, it said.
According to the Ministry of Planning & Investment, Vietnam will export some 18 million tons of crude in the year.
Vietnam targets to earn US$7.5 billion from crude exports in 2007 and US$7.8 billion in 2008.
However, earnings from crude exports will fall to about US$6.3 billion in 2009 and US$6.1 billion in 2010 when Vietnam’s first refineries become operational.
Last year, Vietnam exported over 18 million tons of crude oil worth nearly US$7.39 billion in 2005, mainly to China, Singapore, Japan, the UK and the US, a decrease of 7.3 per cent in volume but an increase of 30.3 per cent in value against 2004. Vietnam’s crude oil production decreased 7.7 per cent to roughly 18.5 million tons in 2004.
Crude oil is Vietnam’s largest forex earner, which contributes over 20 per cent to export revenues of the country.
Vietnam Economic Times
Vietnamese
