Vietnam exported nearly 2.6 million tons of crude oil worth roughly 1.1 billion U.S. dollars in the first two months of this year, year-on-year decreases of 5.5 percent and 17.6 percent, respectively.

The country plans to pump out 17.5 million tons of crude oil and 7.3 billion cubic meters of gas this year, the Vietnam National Oil and Gas Group said Friday, noting that it shipped abroad, mainly to China, Singapore, Japan, Britain and the United States, 16.6 million tons valued at over 8.3 billion dollars last year.

Vietnam is going to reduce export of fossil fuel like crude oil and coal to foster its petroleum and petrochemistry industries, and ensure sufficient supplies for energy-thirsty industries like electricity and cement, said a local official from the Trade Ministry.

Dung Quat, Vietnam's first refinery with an annual processing capacity of 6.5 million tons of crude oil under construction in central Quang Ngai province, is scheduled to operate in late 2008 or early 2009.

Source: Xinhua