Vietnam’s oil imports post sharp decline

Vietnam imported 26% less refined petroleum products in January and February 2009, compared to the same period a year ago, totaling 1.82 million metric tons. Imports last year were 2.5% higher than 2007 at 12.86 million metric tons. The country had been importing its entire oil product requirements in the absence of a refining facility, and is one of the few significant product importers in Asia, alongside Indonesia and Australia. Meanwhile, the Vietnamese government said it will give more incentives such as tax and soft loans for biofuel development projects. The Ministry of Trade and Industry will spearhead a project that will enable the country to produce 2.5 million tons of ethanol and biodiesel by 2015. (March 10/12, 2009)