Vietnam to Collect Surcharges from Oil, Gas Contractors on Global Price Hikes
The government of Vietnam has issued a decree to collect surcharge from oil and gas contractors in line with rises of crude oil on the world market, which will take effect from January 1, 2010.
Contractors should contribute between 20% and 50% of their earnings resulted from price disparities to the government budget upon a 20% increase of the global crude oil prices against the year’s estimated average price, the government said on its website.
The surcharge should be 60% when the global oil prices rise over 50%.
Contractors of oil and gas projects that are in the list of investment encouragement should pay the surcharge of 30%.
The government will consider exempting the surcharge to projects of special encouragement.
As of afternoon November 5, crude oil price for December delivery fell by 57 cents/barrel to US$79.83/barrel in the New York market. Earlier on November 4, oil price rose by 80 cents/barrel to US$80.4/barrel.
Vietnam is estimated to have produced 14.015 million tons of crude oil in the first ten months of this year, up 15.8% from a year earlier, the state-run General Statistics Office (GSO) said. (chinhphu.vn)
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