75 percent of imported petrol from Malaysia, Korea and Singapore

The market share structure of three main markets in the total import volume of petrol of the country by the end of August 2019. Sketched by: T. Bình

According to the latest information from the General Department of Vietnam Customs, in the first 15 days of September, the country imported 214,191 tons of petroleum, with a total turnover of more than $124 million. Accumulated from the beginning of the year, Vietnam has imported more than 6.5 million tons with a total turnover of $3.97 billion.

Notably, the production and turnover decreased sharply compared to the same period last year, of that, the production decreased by 2.4 million tons and the turnover decreased by $1.97 billion.

Four main imported items of Vietnam in the petroleum group were: petrol, diesel, fuel oil and jet fuel. Among the four items, gasoline and diesel were the items that had the largest reduction in volume, while the remaining two had little change compared to the same period in 2018.

Specifically, to September 15, the imported volume of petrol was nearly 1.17 million tons, decreasing by about 745,000 tons; diesel reached nearly 3.24 million tons, decreasing sharply by more than 1.6 million tons.

Meanwhile, jet fuel reached more than 1.43 million tons (the same period in 2018 was nearly 1.46 million tons); fuel oil reached more than 550,000 tons (the same period reached more than 472,000 tons).

Updates from the General Department of Vietnam Customs showed that imported petroleum to Vietnam in the first 8 months of this year mainly came from Asian markets such as Malaysia, South Korea, and Singapore.

In particular, Malaysia reached 1.8 million tons, decreasing by 25.6 percent; South Korea with 1.54 million tons, a decrease of 31.4 percent; Singapore with 1.4 million tons, decreasing by 29.4 percent.

With 4.74 million tons, three Asian markets mentioned above accounted for more than 75 percent of total import volume of petrol in the same period.

The reduction of imported petroleum of Vietnam was understandable when Nghi Son Refinery and Petrochemicals (Thanh Hoa) has been operated stably for more than a year.

According to information from Nghi Son Refinery and Petrochemicals LLC (NSRP), the project has a total investment of over $9 billion, the total capacity when putting into operation was estimated at 200,000 barrels of oil/day, equivalent to about 10 million tons of crude oil/year.

The diversified petrochemical products were included LPG, unleaded gasoline RON 92, RON 95, diesel fuel, jet fuel, benzene, sulfur and many other products.