Chevron Vietnam’s largest July base oils importer

Chevron Lubricants Vietnam (CLV) was Vietnam’s largest base oils importer in July for the first time this year, extending a surge in its share of imports in recent months.

CLV accounted for more than 23pc of Vietnam’s total base oils imports in July, provisional customs data showed. CLV operates a lube blending plant in Hai Phong in northern Vietnam.

Its share of imports was up from less than 18pc in June and less than 5pc in 2020 and 2021.

Vietnam’s base oils imports have risen strongly this year on the back of a sustained rebound in the country’s economic growth. The pace of the increase in imports has slowed in recent months even as industrial activity and auto sales have held firm.

Strong economic growth and lube demand in markets like Vietnam and Indonesia contrasted with a prolonged slowdown in market activity in China.

The trend has supported a sustained rise in base oils shipments to those markets in southeast Asia.

Castrol BP Petco was Vietnam’s second-largest base oils importer in July with a share of more than 21pc of total imports. It had been the country’s largest importer in each of the previous five months.

Its share was the second largest in July even as it rose from little more than 18pc of total imports in June. It was also higher than its share of more than 16pc of total imports in the first seven months of the year.

TotalEnergies Marketing Vietnam was the third-largest base oils importer in July. Its share of shipments surged to more than 17pc of the total, from less than 10pc in June.

Shell Vietnam was the fourth-largest importer in July. Its share of imports held steady below 12pc of the total.

The month of July was the first time this year that those companies were Vietnam’s four largest importers. The top four importers had previously also included companies like Petrolimex Petrochemical.