Petrolimex cuts third-quarter fuel demand

Vietnam National Petroleum Corp., or Petrolimex, is seeking as much as 456,000 tons of oil products for delivery in July to September, a 9.6 percent drop from the previous quarter.

The state-owned company, which handles the bulk of Vietnam’s product imports, is inviting offers for gasoline, diesel, kerosene and fuel oil in a tender closing July 6, according to an official document received by Bloomberg. Offers are to stay valid until July 10.

For the second quarter, the Hanoi-based company requested as much as 504,500 tons. It will be importing less as output from Dung Quat, Vietnam’s first refinery, rises progressively, said a trader in Ho Chi Minh City.

The US$2.5 billion facility, which started commercial operations February 22, is scheduled to reach its full 6.5 million ton-a-year capacity in October. It’s expected to meet about a third of Vietnam’s fuel requirements by next year.

thanhnien, bloomberg

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