Vietnam to import petrol for next five years

Vietnam is expected to continue importing petroleum products for the next five years as production of major oil refineries is unable to meet the increasing local demand.

Tuesday, July 04, 2017 09:43

Vietnam to import petrol for next five years ảnh 1

Vietnam will likely import some 0.8 million tonnes of petrol and 1.8 million tonnes of diesel every year in the 2018-22 period (Photo: VNA)

Hanoi (VNA) - Vietnamis expected to continue importing petroleum products for the next five years asproduction of major oil refineries is unable to meet the increasing localdemand.

Annual demand forpetroleum products is estimated at some 6.5 million tonnes and for diesel atsome 8.5 million tonnes in the 2018-22 period, according to a report by Binh SonRefining and Petrochemical Co Ltd, which manages and operates the Dung Quat oilrefinery.

Meanwhile, the two majoroil refineries -- Dung Quat and Nghi Sơn -- produce a combined six milliontonnes of petrol and some seven million tonnes of diesel per year, meeting 92 percentand 82 percent of domestic demand, respectively.

Thus, Vietnam has anaverage annual shortage of some 0.8 million tonnes of petrol and 1.8 milliontonnes of diesel, Binh Son said, adding that this shortage would be addressedby importing petroleum products from other countries in the region, includingChina, Singapore, Malaysia, Thailand and the Republic of Korea.

Dung Quat refinery, Vietnam’sfirst oil refinery, at present, has a designed capacity of 6.5 million tonnesof crude oil per year. It produces 2.75 million tonnes of petroleum productsand 3.07 million tonnes of diesel per year, accounting for 30 percent of totaldomestic demand.

Nghi Son oil refinery,scheduled to become operational next year in central Thanh Hoa province, has adesigned capacity of 10 million tonnes of crude oil per year. It will annuallyprovide the domestic market with 2.3 million tonnes of petrol and 3.7 milliontonnes of diesel.

In addition, other condensateprocessing plants such as PV Oil Phu My, Saigon Petro, Nam Viet Oil and Dong Phuongsupply some 690,000 tonnes of petrol per year.

Binh Son Refining andPetrochemical Co Ltd will make its initial public offering in the fourthquarter of this year, floating up to 6 percent of capital for the public.

The company is implementing works to upgrade and expand the Dung Quat oilrefinery. Once completed by the end of 2021, the factory’s capacity willincrease by 30 percent to 8.5 million tonnes of crude oil per year

Vietnam imported nearlyfive million tonnes of petroleum products, worth over 2.6 billion USD in thefirst five months of this year, down 6.8 percent in volume but up 27.4 percentin value against the same period last year, the General Statistics Officereported.-VNA

VNA

#petroleum products #import petrol #Dung Quat oil refinery #Binh Son Refining and Petrochemical Co Ltd #Nghi Son oil refinery #crude oil #Vietnam #Vietnamese #Vietnam news #updated Vietnam news #Vietnamplus #Vietnam News Agency

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