Vietnam asks oil importers to cut back on imports

The state-run Vietnam Economic Forum reported that a document from Vietnam’s Ministry of Industry and Trade had ordered the country’s oil importers to cut back on oil imports for the rest of 2011 even if they have not reached their quotas. The ministry’s decision is attributed to the low consumption of oil products this year and consistent output from Vietnam’s Dung Quat refinery, which has a capacity of 6.6 million metric tons (mt) per year. The 8% increase in domestic oil consumption from January to October was below what the ministry expected. The ministry’s document requested nine out of the 13 oil product importers to reduce their imports. The nine companies are: Petrolimex, PV Oil, Mipec, PetroMekong, Nam Viet Oil, Saigon Petro, Petimex, Thanh Le General Import Export Trading Company Ltd. and the Petrolimex Jet Fuel Joint Stock Company. (November 4, 2011)