Vietnam signs crude oil supply deals with SOCAR, Glencore
Saturday, December 9,2017AsemconnectVietnam - Vietnam's state-run Binh Son Refining and Petrochemical Co (BSR) and state oil marketer PV Oil have signed initial agreements with two western trading companies for annual crude supplies, officials from the refinery said on Friday.
Glencore Singapore GLEN.L will supply 2 million barrels of crude per month to Dung Quat between 2017 and 2021, they said, adding that the supply could increase to 3 million barrels per month in 2021-2025.
The Southeast Asian oil producer is becoming a net crude oil importer as its output is falling due to a lack of upstream investment following the oil price slump from a mid-2014 peak, and as the country builds its refining capacity.
"The signing (of agreements) today will be one among tens and hundreds of similar acts in the future to compensate for the fall in domestic crude supply," BSR's Chairman Nguyen Hoai Giang told reporters on the sidelines of the signing ceremony.
"For Asia, especially Southeast Asia and North Asia the growth has been tremendous," Quek Chin Thean, Glencore Singapore managing director said at the signing on Friday, adding that Vietnam as a market is "very exciting".
Vietnam's oil production has fallen 10.6 percent in the first 11 months this year to 12.48 million tonnes (273,830 barrels per day). The country had targeted production of 14.2 million tonnes in 2017.
BSR operates the Dung Quat refinery in the central province of Quang Ngai. The plant's capacity is being expanded to 8.5 million to 9 million tonnes per year (tpy) in 2021, up from 6.5 million tpy, officials said.
The deal with SOCAR is a step-up in Vietnam's Azeri crude imports, which were 4 million barrels January-November this year, trade flows data on Thomson Reuters Eikon showed.
Nghi Son Refinery and Petrochemical LLC (NSRP), Vietnam's second refinery, is scheduled to start up its 200,000 barrels per day complex in 2018.
Vietnam to play a greater role in global commodity exchanges
Vietnam, WTO agree to promote multilateral trading
DAILY: Vietnamese pepper prices decreased by 500 VND on May 19
Reference exchange rate up 8 VND on May 19
DAILY: Vietnamese coffee prices remained unchanged on May 19
Seafood export markets in first 4 months of 2023
Rice exports reached nearly 1.53 billion USD in first 4 months of 2023
Vietnam eyes stronger economic cooperation with China’s Guangdong province
FDI sector posts over 14 billion USD in four-month trade surplus
Reference exchange rate up 6 VND
Vietnam - US trade exchange declined in four months
China was still important market for Vietnamese goods
Tea exports earn 50 mln USD in first four months of 2023
Exploring new markets expected to fuel foreign trade
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...