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Vietnam's May crude oil imports jump 63% on year to 213,191 b/d

Hanoi — Vietnam's crude imports surged 62.9% year on year to 901,628 mt (213,191 b/d) in May, preliminary data released Tuesday by Vietnam Customs showed.

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Of the total, 817,316 mt was imported from Kuwait, up 47.7% on year, and 84,312 mt from Brunei, compared with none a year earlier.

Over January-May, Vietnam imported 3.83 million mt of crude oil, up more than four times from 907,875 mt in the same period of 2018. Kuwait supplied 3.58 million mt of the total, up more than four times from 822,160 mt in the same period a year earlier, and Brunei 252,826 mt, compared with none a year earlier.

The year-on-year surge in imports comes after the 200,000 b/d Nghi Son refinery in central Vietnam began commercial operations on November 14 last year. Crude oil for Nghi Son is shipped from Kuwait.

State-owned PetroVietnam has a 25.1% stake in Nghi Son alongside Kuwait Petroleum International with 35.1%, Japan's Idemitsu Kosan 35.1% and Japan's Mitsui Chemicals with 4.7%.

Meanwhile, Vietnam exported 344,703 mt of crude oil in May, edging up 0.7% year on year, mostly to China, Singapore and Japan, the customs data showed.

Over January-May, it exported 1.71 million mt, up 9.2% year on year, mostly to China, Thailand and Japan.

The country is estimated to have produced 4.79 million mt of crude oil over January-May, down 8% on year, the General Statistics Office said May 29.

Part of Vietnam's crude production is sent to the 130,000 b/d refinery at Dung Quat and the rest exported.

VIETNAM'S CRUDE OIL EXPORTS

May 2019 May 2018 Change (Y/Y) Apr 2019 Change (M/M)
China 171,049 89,110 91.95% 151,312 13.04%
Singapore 69,736 - - - -
Japan 65,274 40,827 59.88% - -
Thailand 38,644 110,763 -65.11% - -
Total* 344,703 342,235 0.72% 217,101 58.78%
Total* b/d 81,506 80,922 0.72% 53,045 53.65%

Jan - May 2019 Jan - May 2018 Change (Y/Y)
China 719,669 408,882 76.01%
Thailand 356,073 295,868 20.35%
Japan 208,350 217,306 -4.12%
Singapore 149,026 67,709 120.10%
Malaysia 128,166 79,185 61.86%
South Korea 80,720 40,461 99.50%
Australia 26,458 259,646 -89.81%
Total* 1,713,900 1,569,220 9.22%
Total* b/d 83,198 76,175 9.22%

Source: Vietnam Customs

-- Newsdesk-Vietnam, newsdesk@spglobal.com

-- Edited by Wendy Wells, newsdesk@spglobal.com

35th Annual Asia Pacific Petroleum Conference (APPEC 2019) | September 9-11, 2019 | Singapore

Gain new connections, new ideas, and new business relationships over 3 days of sessions and networking at the 35th Annual Asia Pacific Petroleum Conference (APPEC 2019).

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