Castrol BP Petco Vietnam’s largest Aug base oils importer

Castrol BP Petco was Vietnam’s largest base oils importer in August for the sixth time in seven months even as its shipment volume fell to a four-month low.

The joint venture between BP and Vietnam Petroleum Corp saw its share of the country’s base oils imports rise to close to 25pc of total shipments in August, provisional customs data showed.

Its share of imports rose even as its total import volume fell.

The trend reflected a steady slowdown in Vietnam’s base oils imports in July and August from June.

The fall in Vietnam’s imports in August to a three-month low mirrored a similar seasonal trend in markets like Thailand and India as monsoon rains dampened activity.

Falling base oils prices in the Asia-Pacific region added to the attraction of holding back until prices bottomed out.

Vietnam is wholly reliant on imports to cover its base oils requirements.

Vilube, a subsidiary of Motul Asia Pacific, was the country’s second-largest base oils importer in August for the first time this year. It accounted for more than 20pc of Vietnam’s base oils imports, up from less than an 8pc share in July.

The share was well above its total share of less than 10pc of total imports in the first eight months of the year and close to 11pc of total shipments in 2021.

Idemitsu Lube Vietnam was the country’s third-largest base oils importer in August. Its share of imports climbed to almost 17pc of the total, up from less than a 1pc share in July.

Chevron Lubricants Vietnam had been the country’s largest base oils importer in July. Its share fell to less than 1pc of the total volume in August.

Its July share had been larger than usual and the August share smaller than usual.

It remained Vietnam’s third largest importer in the first eight months of the year.

Vietnam’s three largest base oils importers accounted for more than 60pc of the country’s total imports. The concentration was less extreme than markets like Pakistan, but more than countries like India.