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Vietnam is for the first time a net importer of crude this month


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Vietnam is for the first time a net importer of crude this month

19-08-2017 12:22 PM
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Baghdad News -

SINGAPORE (Reuters) - 

Vietnam's crude oil imports surged to record highs this month, with fuel refining in the country increasing as domestic oil production slows. This will be the first month ever for Vietnam to become a net importer of crude oil, according to Thomson Reuters Aikon cargo data, as this trend continues in the coming months as the refining capacity of the South East Asian country increases.


The increase in demand for oil imports comes at a time when the Nghai Son refinery, which is operational capacity of 200,000 barrels


Daily, the country's second oil refinery, to produce liquefied petroleum gas (LPG), gasoline, diesel, kerosene and jet fuel for domestic consumption. It is likely to start work this year or early 2018.


With stagnant domestic oil production, traders say Vietnam, with a population of over 90 million and an economy growing 6 percent a  year, will gradually increase its imports of crude oil. Thomson Reuters Aikon data show that Vietnam will import around 100,000 barrels per day of crude this month on three tankers, compared to exports of 70,000 bpd. Imports of tankers in September are expected to reach  similar levels. Vietnam's applications remain limited compared to the largest buyers in Asia, China and India, which import about eight million and four Million barrels a day, respectively. Kuwait International Petroleum Company and Japan's Edemitsu Kosan own 35.1 percent of Nghi Sun, while state-owned Petro Vietnam owns 25.1 percent and Mitsui Chemicals has 4.7 percent. Kuwait is the first supplier of crude oil to the new refinery, sending 2 million barrels this month aboard a giant tanker. The oil minister said Said in July he expected to send regular shipments to Vietnam. The shipping data show that Brunei sent 500,000 barrels of oil to Vietnam this month aboard two carriers. Three tankers carrying one million barrels of Azeri oil are due to fly to Vietnam in September. Vietnam's oil production peaked in the early 21st century when it reached about 400,000 barrels a day. The country is currently exploring new oil fields in various parts of the South China Sea, but these discoveries have been hampered by disputes with China.

Oil prices remained flat yesterday, drawing wide-ranging selling across markets and signs of a gradual tightening of crude supply. London Brent crude futures rose 9 cents from the previous close to $ 51.12 a barrel but are still heading for a weekly decline of about 2 percent. US crude futures rose 8 cents to $ 47.17 a barrel, but are heading for a weekly drop of more than 3 percent.

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