JavaScript is off. Please enable to view full site.

Vietnam signs crude oil supply deal for 2020 with Azerbaijan's SOCAR

Saturday, November 30, 2019, 15:18 GMT+7
Vietnam signs crude oil supply deal for 2020 with Azerbaijan's SOCAR
A man pumps petrol for his car at a petrol station in Hanoi, Vietnam December 20, 2106. Photo: Reuters

Vietnam’s state-run Binh Son Refining and Petrochemical Co (BSR) has inked an agreement with Azeri state energy company SOCAR to buy five million barrels of crude in 2020, BSR said late on Friday.

SOCAR Trading will provide five million barrels of Azeri Light crude to BSR’s Dung Quat refinery during the first half of 2020, BSR said in a statement on its web site.

The company said Azeri crude would also become one of its strategic crude oil products from 2020, following Vietnam’s abolishment of an import tax on crude oil which took effect from November.

Earlier this week, BSR said it would import eight million to ten million barrels of West Texas Intermediate and Bonny Light crude oil in 2020 for its Dung Quat refinery.

Vietnam has been relying more on imported crude due to a slowdown in domestic output as reserves at its existing fields decline, and as China’s increasingly assertive stance in the region hampers offshore exploration.

The country’s crude oil imports during the first 11 months of this year rose 66 percent from a year earlier to 7.44 million metric tons (54.54 million barrels), government data released on Friday showed.

Reuters

More

Read more

;

Photos

VIDEOS

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news