Sunday,  Jun 7, 2020,16:50 (GMT+7) 0 0
Vietnam’s crude oil shipments rise, oil prices dip
The Saigon Times
Wednesday,  May 6, 2020,10:09 (GMT+7)

Vietnam’s crude oil shipments rise, oil prices dip

The Saigon Times

A view of the Dung Quat oil refinery. Vietnam saw crude oil exports reach an estimated 500,000 tons, worth US$154 million, in April, up 26.5% in volume and down 14.2% in value against the March figures – PHOTO: VNA

HCMC – Vietnam saw crude oil exports reach an estimated 500,000 tons, worth US$154 million, in April, up 26.5% in volume and down 14.2% in value against the March figures, data from the General Department of Vietnam Customs showed.

In the first four months of the year, the country shipped 1.72 million tons of crude oil, valued at US$734 million, to the global market, up 25.6% in volume and 4.6% in value year-on-year.

As for imports, Vietnam bought some one million tons of fuels worth US$145 million in April, skyrocketing by 105% in volume and dropping by 27.6% in value against the previous month.

Between January and April, Vietnam’s fuel imports hit 2.8 million tons valued at US$1,125 million, down 7.3% and 40.5%, respectively, from the year-ago period.

The drop in global oil prices and the coronavirus pandemic have taken a heavy toll on major local fuel firms, the local media reported.

Vietnam National Petroleum Group, or Petrolimex, has announced its first quarter business results, noting that the group’s revenue plunged by VND3.5 trillion to VND38.5 trillion.

Binh Son Refining and Petrochemical JSC suffered losses of VND2.3 trillion in the first quarter of 2020, while PetroVietnam Oil Corporation (PV Oil) sustained losses of VND400 billion.

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