Page 48 - Oil&Gas-AustralAsia-2015-Issue-1
P. 48
V IETNAM
Crude exports grow The country’s top oil product suppliers
27% year on year in 2014 included Singapore (2.59 mil-
By Marie RYAN lion mt or 30% of the total), China (1.73
million mt or 20%) and Taiwan (1.26
A first look at Vietnam’s export and Crude imports for the month of De- million mt or 14.6%).
production results for 2014 have been cember consumed by Vietnam’s only Around 70 per cent of Vietnam’s oil
released by the country’s customs refinery Dung Quat dropped 13.4 per product demand is met through im-
department reporting the country’s cent year on year and fell 32 per cent ports with the remainder supplied by its
crude oil exports are up by 27.4 per cent compared to November 2014, oper- Dung Quat refinery.
compared to the same time last year. ator of the Dung Quat refinery, Binh There is speculation by local industry
The month of December saw Vietnam Son Refining or BSR, bought about 5.7 sources that recent increases in oil
selling around 205,052 barrels of oil per million mt of domestic crude last year product imports were due to compa-
day and export volume rose 23.5 per from the Bach Ho, Te Giac Trang and nies rushing to buy ahead of changing
cent from the previous month. Dai Hung fields in southern Vietnam, government tariffs and duties.
according to a BSR statement.
The export value however for Decem- State-owned BSR expects to maintain The Ministry of Finance on introduced
ber was down 32.1 per cent to US$414 its run rate target at the facility of 107 a new import duty structure for oil
million and down 4.7 per cent from to 110 per cent capacity throughout this products in early December, where it
November 2014. year, up from an average of 105 per cent raised the tariff ceilings and shortened
Almost 50 per cent of Vietnam’s capacity in the second half of 2014. the review period of benchmark crude
total crude export custom goes Aus- The Vietnam Customs report said oil prices and adjusted the import tariffs
tralia (176,778mt or 20.4%), Japan the country mainly imported its oil on after keeping them unchanged since
(158,841mt or 18.3%) and China products from Thailand (166,783 mt or 2013.
(118,099mt or 13.6%). 22.2% of the total), Singapore (158,241 The duty on gasoline was raised to 27%
Crude oil export data also showed mt or 21%) and China (122,456 mt or from 18%, diesel to 23% from 14%,
during the January-December period 16.3%). kerosene to 26% from 16% and fuel oil
Vietnam sold 9.29 million mt of crude Last year, Vietnam imported 8.62 mil- to 24% from 15%.
that represented a 10.5 per cent year on lion mt of oil products, up 17.1 per cent The Ministry of Finance earlier in Janu-
year increase. The export value for 2014 year on year, with the import value for ary continued to hike the import tariffs
was $7.2 billion, down 0.1 per cent from the year standing at $7.7 billion, 9.9 per on gasoline to 35% from 27%, diesel to
2013. cent higher than 2013. 30% from 23%, kerosene to 35% from
26% and fuel oil to 35% from 24%.
Vietnam Crude International Export Breakdown for 2014 The value of oil product imports in
December was $467 million, down 30
Australia, 20.4% per cent from the same month in 2013
and 32 per cent lower than November,
Japan, 18.3% Others, 47.7% according to the data.
The Vietnamese government said in
China, 13.6% March it will focus on improving the
country’s business environment and
enhance its competitiveness over the
next two years to better compete against
regional peers. §
A A46 OIL & GAS ustral SIA MARCH/APRIL 2015 www.oilandgasaustralasia.com
Crude exports grow The country’s top oil product suppliers
27% year on year in 2014 included Singapore (2.59 mil-
By Marie RYAN lion mt or 30% of the total), China (1.73
million mt or 20%) and Taiwan (1.26
A first look at Vietnam’s export and Crude imports for the month of De- million mt or 14.6%).
production results for 2014 have been cember consumed by Vietnam’s only Around 70 per cent of Vietnam’s oil
released by the country’s customs refinery Dung Quat dropped 13.4 per product demand is met through im-
department reporting the country’s cent year on year and fell 32 per cent ports with the remainder supplied by its
crude oil exports are up by 27.4 per cent compared to November 2014, oper- Dung Quat refinery.
compared to the same time last year. ator of the Dung Quat refinery, Binh There is speculation by local industry
The month of December saw Vietnam Son Refining or BSR, bought about 5.7 sources that recent increases in oil
selling around 205,052 barrels of oil per million mt of domestic crude last year product imports were due to compa-
day and export volume rose 23.5 per from the Bach Ho, Te Giac Trang and nies rushing to buy ahead of changing
cent from the previous month. Dai Hung fields in southern Vietnam, government tariffs and duties.
according to a BSR statement.
The export value however for Decem- State-owned BSR expects to maintain The Ministry of Finance on introduced
ber was down 32.1 per cent to US$414 its run rate target at the facility of 107 a new import duty structure for oil
million and down 4.7 per cent from to 110 per cent capacity throughout this products in early December, where it
November 2014. year, up from an average of 105 per cent raised the tariff ceilings and shortened
Almost 50 per cent of Vietnam’s capacity in the second half of 2014. the review period of benchmark crude
total crude export custom goes Aus- The Vietnam Customs report said oil prices and adjusted the import tariffs
tralia (176,778mt or 20.4%), Japan the country mainly imported its oil on after keeping them unchanged since
(158,841mt or 18.3%) and China products from Thailand (166,783 mt or 2013.
(118,099mt or 13.6%). 22.2% of the total), Singapore (158,241 The duty on gasoline was raised to 27%
Crude oil export data also showed mt or 21%) and China (122,456 mt or from 18%, diesel to 23% from 14%,
during the January-December period 16.3%). kerosene to 26% from 16% and fuel oil
Vietnam sold 9.29 million mt of crude Last year, Vietnam imported 8.62 mil- to 24% from 15%.
that represented a 10.5 per cent year on lion mt of oil products, up 17.1 per cent The Ministry of Finance earlier in Janu-
year increase. The export value for 2014 year on year, with the import value for ary continued to hike the import tariffs
was $7.2 billion, down 0.1 per cent from the year standing at $7.7 billion, 9.9 per on gasoline to 35% from 27%, diesel to
2013. cent higher than 2013. 30% from 23%, kerosene to 35% from
26% and fuel oil to 35% from 24%.
Vietnam Crude International Export Breakdown for 2014 The value of oil product imports in
December was $467 million, down 30
Australia, 20.4% per cent from the same month in 2013
and 32 per cent lower than November,
Japan, 18.3% Others, 47.7% according to the data.
The Vietnamese government said in
China, 13.6% March it will focus on improving the
country’s business environment and
enhance its competitiveness over the
next two years to better compete against
regional peers. §
A A46 OIL & GAS ustral SIA MARCH/APRIL 2015 www.oilandgasaustralasia.com
