Petrolimex to spend US$6.81 billion on fuel imports in 2014

Vietnam’s top fuel importer and distributor, Vietnam National Petroleum Corp. (Petrolimex), expects to spend close to US$6.81 billion on imports. This will put the company’s total volume at 7.8 billion liters of petroleum products, representing a 23.8% increase in value and a 13.37% rise in volume against 2012 figures. The projections are part of Petrolimex’s production and business plan for the 2011-2015 period, which was approved by Prime Minister Nguyễn Tấn Dũng in August.
Of the total volume, the company will import 3.39 billion liters of gasoline, 3.53 billion liters of diesel oil, 67 million liters of kerosene and 8.1 million liters of mazut oil. Mazut is a heavy, low quality fuel oil, used in generating plants and similar applications.
Compared to this year’s estimate of 1.1 billion liters worth US$876 million, Petrolimex said it plans to re-export 1.16 billion liters of fuels, valued at US$1 billion in 2014. From an estimated pre-tax profit of VND2.556 trillion (US$122.6 million) this year, the company’s goal is to achieve a pretax profit of VND4.47 trillion (US$214.9 million) in 2014, Petrolimex posted a loss of VND1.46 trillion (US$6.5 million) in 2011.
The company is Vietnam’s biggest petroleum trader and currently holds 60% of the domestic market share with a network of 2,016 petrol stations and stores all over the country.
Petrolimex has also established units in Singapore and Cambodia. Revenues from the two overseas businesses are expected to reach VND136.2 trillion (US$6.3 million) in 2013, up from an estimated VND57.78 trillion (US$2.77 million) in 2012. (December 12, 2012)