Vietnam's Refined Oil Import Soars in January
The fast-growing economy of Vietnam is estimated to demand 950,000 metric tons of petroleum products, valued US$503 million, in January of 2007, up 29.5 per cent in value and 47.4 per cent in volume according to the General Statistics Office (GSO).
A Ministry of Trade official said the sharp rise in import volume and value is attributed to oil importers increasing reserves, preparing for a slow week when most Vietnamese production facilities are off for the traditional Lunar New Year in mid-February.
For the time being, Vietnam heavily relies on imported petroleum products as it lacks refining refineries. Its first Dung Quat refinery is under construction and is slated for operation in early 2009.
Vietnam is the sixth largest crude oil producer in Asia, exporting 1.45 million metric tons of crude oil worth $595 million in January, down 6.7 per cent in value and 20.2 per cent in value on year. (GSO January 2007)
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