PAPUA New Guinea is the fifth largest exporter of crude oil to Australia in the year ending June 30, according to statistics published yesterday by the Australian bureau of agricultural and resource economics (ABARE).
PNG exports of crude oil totalled 2,059 megalitres in 2006-07, down from 2,386ML in 2005-06, to make up just over 8% of Australia’s total crude oil imports.
Vietnam was the largest single crude oil exporter with Australia with purchases in 2006-07 amounting to 6,710ML, ahead of Malaysia (3,716ML), Indonesia (3,395ML), United Arab Emirates (2,972ML).
ABARE reported that total crude oil imports rose to 25,344ML worth A$13.35 billion (K32.5 billion) in 2006-07 from 24,416ML worth A$12.8 billion (K31.2 billion) last year.
Australia’s crude oil exports rose to 15,965ML in 2006-07 from 13,026ML the previous year with crude oil export revenues rising by 25% or A$1.7 billion (K4.1 billion) to A$8.3 billion (K20.2 billion).