Vietnam spends more importing fewer petroleum products in 8 months

Vietnam is estimated to import over 7.7 million tons of petroleum products worth nearly 4.2 billion U. S. dollars in the first eight months of this year, down 3.8 percent in volume but up 25 percent in value against the same period last year.

In the eight-month period, Vietnam exported more than 11.1 million tons of crude oil totaling nearly 5.8 billion dollars, down 6.5 percent in volume but up 20.3 percent in value, according to the country's General Statistics Office on Monday.

Vietnam is expected to import only four million tons of petroleum products in 2010, since it is building several oil refineries in the coming years. Its demand for petroleum products in 2010 is estimated at 18-19 million tons, according to local economic experts.

In late 2005, Vietnam started to construct its first oil refinery with an annual refining capacity of 6.5 million tons in central Quang Ngai province. The refinery will come into operation in late 2008 or early 2009.

Source: Xinhua