Vietnam Crude Oil Export Earnings Jump 14.6 per cent in 2006
The sixth largest Asian crude oil producer Vietnam is estimated to earn US$8.45 billion from outbound shipments of 128.28 million barrels of crude oil in 2006, up 14.6 per cent on year in terms of value, the Ministry of Trade said.
The earnings are revised up from the initial estimate of US$7.25 billion, it said.
Crude oil remains the largest forex earner of Vietnam, contributing 21.4 per cent to export revenues this year, added the ministry.
The rise results from soaring global crude oil prices, it said, explaining that Vietnam expected the selling price of $55.5 per barrel but the average price was $63.8 bbl in the first 11 months of this year.
According to the Ministry of Trade, the export volume this year is still 7.33 million barrels below the initial target.
In the first 11 months of this year, Vietnam shipped 111.4 million barrels of crude abroad, bagging $7.4 billion.
Next year, Vietnam expects to earn $8 billion from exporting 128.28 million barrels of crude, at $62 bbl.
The state budget will fetch net earnings of $4.5 billion.
Without refining facilities, all crude oil produced in Vietnam is destined for export.
Its first refinery, Dung Quat, is scheduled for operation in early 2009.
Vietnam Economic Times
Vietnamese
