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VIETNAM  UPDATE 2-Vietnam shuts down 135,000 bpd oil refinery DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

VIETNAM UPDATE 2-Vietnam shuts down 135,000 bpd oil refinery

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Post by 1alaskan Mon Aug 06, 2012 1:17 pm

UPDATE 2-Vietnam shuts down 135,000 bpd oil refinery

SINGAPORE, Aug 6 (Reuters) - Vietnam unexpectedly shut its only refinery over the weekend and has offered to sell its Bach Ho crude oil, while Vietnamese importers are seeking nearly 840,000 barrels of gasoil and gasoline to plug the supply shortfall, traders said on Monday.

The country's 135,000 barrels-per-day Dung Quat refinery could be shut for about 14 days in its second outage in less than three months, traders said.

Dung Quat officials could not be reached for comment on the reason for the outage, its likely duration or other details.

The extra prompt crude supply freed by the refinery outage could weigh on an already weak market for sweet grades in Asiam whereas Vietnam's sudden demand for oil products could buoy spot premiums as regional supply has tightened recently due to several refineries undergoing maintenance work or other outages.

State-owned PV Oil has offered the prompt crude supply for September delivery in a tender that will close on Aug. 7 with bids valid until a day later. This is the second Bach Ho tender invitation from PV Oil in less than a week after PV Oil sold 700,000 barrels of crude for September loading last week.

"The refinery is having trouble so they have to chuck out what they can," a crude trader said.

"I guess they expected better prices in September (rather than offer prompt August barrels)", the trader said, adding that Vietnam could always store the crude before sales as freight was affordable.

The company is also seeking a total of 108,000 cubic metres, or nearly 680,000 barrels, of gasoil and gasoline for August to early September delivery.

A second importer, Vietnamese trading company Saigon Petro, is seeking 10,000 tonnes each, or a total of about 160,000 barrels, of gasoline and gasoil for second-half August delivery in a tender closing this Friday.

While gasoil inventory is ample as demand by the agricultural sector is down due to the monsoon season, gasoline stocks are very tight, one Vietnam-based trader said.
Vietnamese importers were awaiting further directions on the shutdown before deciding if they need to import additional oil products, traders said.

The Dung Quat refinery was last shut in mid-May for a month following a technical fault at its residue fluid catalytic cracking (RFCC) unit. (Reporting by Seng Li Peng, Florence Tan and Jessica Jaganathan; Editing by Greg Mahlich)
http://finance.yahoo.com/news/2-vietnam-shuts-down-135-125341005.html

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