Vietnam’s Binh Son Refining and Petrochemical will import 8 million to 10 million barrels of West Texas Intermediate (WTI) and Bonny Light crude oil in 2020 for its Dung Quat refinery, its parent PetroVietnam said on Monday.
The company will have imported 4 million barrels of both types of oil in total by the end of this year, PetroVietnam said in a statement on its website.
The company’s move to use imported crude oil is “aimed at diversifying its crude oil sources amid a decline in domestic crude oil output,” the statement said.
The 130,000-barrel-per-day refinery currently processes seven types of domestic and 12 types of imported crude oil, it said.
Binh Son will sell its first batch of 6,000 tonnes of Marine fuel oil (MFO) by the end of this month, PetroVetnam said.
Vietnam has been relying more on imported crude due to a slowdown in domestic output as reserves at its existing fields decline.
The country’s crude oil imports during the first 10 months of this year rose 80.6% from a year earlier to 6.8 million tonnes (49.8 million barrels), government data showed.