Vietnam’s Binh Son buys first crude oil from Nigeria

Vietnam’s Binh Son Refining and Petrochemical has confirmed that it has bought crude oil from Nigeria for the first time.

The refinery said it has made orders for about 1 million barrels of Bonny Light crude.

Two senior traders at the company told Reuters News that it purchased the crude cargo in mid-August for delivery in October-November.

Binh Son confirmed that the cargo is meant for its 130,000-barrel-per-day Dung Quat refinery, according to the sources, all of whom declined to be named as they were not authorised to speak to the media.

“This is the first batch of crude oil we have imported from Nigeria for the plant,”

“We haven’t decided yet if we will keep importing Nigerian crude in the future,” the source to told Reuters.

Binh Son has recently confirmed that it was deemphasizing its reliance on the supply of crude oil from its domestic market due to a slowdown in domestic output as its reserves decline at existing fields, as well as a result of China’s increasingly assertive stance in the region, hampers offshore exploration.