Vietnam's petroleum import rises in January

Vietnam is estimated to import 950, 000 tons of petroleum products worth 440 million U.S. dollars this month, up 1.8 percent in volume and 48.7 percent in value, according to a local trade information agency Wednesday.

The average world price of petroleum products has so far this month stood at 463.2 dollars per ton, compared with that of 413.8 dollars in 2005, the Information Center under the Trade Ministry said, noting that the country spent nearly 5 billion dollars on importing over 11.3 million tons of the products last year.

Vietnam is expected to import only 4 million tons of petroleum products in 2010, since the country will build several oil refineries in the coming years. Its demand for petroleum products in 2010 is estimated at 18-19 million tons.

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.

The country exported roughly 18.1 million tons of crude oil worth nearly 7.4 billion dollars in 2005, down 7.3 percent in volume but up 30.3 percent in value against 2004.

Source: Xinhua