Vietnam’s Petroleum Imports Surge in 4 Months

Vietnam’s petroleum imports surge in 4 months

HANOI, May 12 (Xinhua) — Vietnam spent nearly 3.8 billion U.S. dollars importing roughly 4.7 million tons of petroleum products in the first four months of this year, up 70.2 percent in value and eight percent in volume against the same period of last year.

Between January and April, Vietnam exported nearly 4.6 million tons of crude oil worth roughly 3.5 billion U.S. dollars, down 9.6 percent in volume but up 46.2 percent in value, according to the country’s General Statistics Office on Monday.

To reduce reliance on petroleum imports, Vietnam, in late 2005, started the construction of its first oil refinery with an annual refining capacity of 6.5 million tons in central Quang Ngai province. The refinery is scheduled to go into operation in early 2009.

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