Vietnam’s state-run Binh Son Refining and Petrochemical Company (BSR) inked an agreement with Azerbaijan’s state energy company SOCAR Trading on November 29, 2019, for the import of crude oil in 2020. SOCAR Trading will provide 5 million barrels of Azeri Light crude to BSR’s Dung Quat refinery during the first half of 2020. The company is also looking to import 8-10 million barrels of West Texas and Bonny Light crude oil during the year. Vietnam is increasingly relying on imported crude oil due to declining output from its existing fields. The country also abolished the import tax on crude oil in November 2019.
