SOCAR signs oil export deal with Vietnam

Baku. 8 December. REPORT.AZ/ SOCAR Trading of Azerbaijan and Binh Son Refining and Petrochemical Co. (BSR) of Vietnam have signed a contract.

Report informs citing the Reuters, SOCAR Trading will provide 3 mln barrels/month of Azeri Light crude and 2 mln barrels/month of other type of crude to the Vietnam company during contract duration between 2018-2021 years. This crude oil considered for Dung Quat refinery of the company.

BSR Chairman Nguyen Hoai Giang told reporters that the contract is of great importance for the company.

Notably, Vietnam’s oil production has fallen 10.6% in first 11 months of 2017 to 12.48 million tonnes or 273,800 barrels/day. However, the country had targeted annual production of 14.2 mln tonnes.

Thomson Reuters Eikon system showed that SOCAR already exported 4 mln barrels of crude oil to Vietnam in January-November.