Vietnamese Petroleum Importers Must Book Import Amounts

Traders who import materials for domestic petroleum processing or refined oil products must register their plan and consumption amounts in advance with the Ministry of Industry and Trade (MoIT), according to the ministry’s recent regulation.

 

Import materials serving for production include crude oil, condensate, high-octane gasoline, reformate, naphtha, and other additives, states the regulation.

 

Meanwhile, petroleum producers and processors must also book production and processing, import and consumption amounts with the MoIT. After receiving valid files within seven working days, the ministry will confirm registration for local enterprises to carry out their plans. 

 

The enumeration of import amounts will help relevant agencies to manage local businesses’ trading activities and petroleum demand and supply source in the market.

 

Vietnam now has no oil refineries. The first Dung Quat is underway in central Quang Ngai province and due for operation in February 2009.

 

Vietnam imported 3.65 million metric tons of petroleum products valued at US$2.81 billion in the first quarter of this year, up 21.8 per cent on year and up 88.9 per cent, respectively, according to the General Statistics Office (GSO). (vnexpress.net)