SOCAR Trading, a subsidiary of Azerbaijan's state owned oil company SOCAR, agreed with the Vietnamese state owned company Binh Son Refining and Petrochemical Co. (BSR) and state oil trader PV Oil on oil supplies, the BSR reported on Dec. 8.
The agreement is non-binding.
Under the agreement, SOCAR Trading will supply three million barrels of Azeri Light oil per month and two million barrels of other types of oil per month to Dung Quat refinery in 2018-2021.
The Dung Quat refinery refines about 6.5 million tons of oil per year. Its production capacity is expected to increase to 8.5-9 million tons in 2021.
In January-November 2017, Vietnam imported four million barrels of Azerbaijani oil.