Petro Vietnam (PVN) confirmed that prices for Chinese exports (both direct and via resale) were higher than average prices.
According to PVN, Vietnam's crude oil was sold to the Chinese market through 2 ways. First way is Chinese buyers participating in direct bidding and the second one is the international crude oil trading companies bought crude oil from Vietnam and then resell to the Chinese market.
In the first eight months of 2017, the Unipec Oil Company of China has directly purchased crude oil from Vietnam with a total purchase volume of 1.78 million tons representing about 20% of Vietnam's total crude oil production and about 35% of total Vietnamese crude oil exports. That amount valued at USSD733 million.
The average price for direct Chinese buyers is USD412/ton which is higher than the average price of crude oil from Vietnam for USD9.59 / ton.
The average price of crude oil exported to China market is USD405.31 per ton which is still higher than the average price of exported crude oil of Vietnam about USD 2.9 per ton.
Since the beginning of the year, Vietnam has sold more than 1.7 million tons of oil to China.
According to PVN, in the first eight months of 2017, Petro Vietnam has exploited 10.49 million tonnes of oil, including 9.19 million tonnes of oil in the country and 1.30 million tonnes abroad.
The sale price of all oil lots is the highest price at the time of sale and in line with the technical conditions that the owners of the oil field including PVN and its partners which are international oil companies set out.
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