Nghi Son Refinery and Petrochemical Limited Liability Company has sought a license to export a few hundred tons of petroleum products at market prices, the Ministry of Industry and Trade has confirmed.

 

The Ministry said if the company’ products meet export standards it would be a positive sign, one indicating the competitiveness of Vietnamese petroleum products globally.

But it noted that such a license has to be considered on a case-by-case basis to ensure exports will not impact on domestic supply and to avoid any possible transfer pricing to evade tax.

If the approval is granted, this would be the first time Vietnam, a net importer of fuel, has allowed domestically-made oil products to be exported.

Nghi Son has a capacity of 200,000 barrels of crude oil a day in the first phase, equivalent to 10 million tons a year.

The plant began production of  RON92 gasoline last May though its official commercial operation has now been a year later than scheduled.-VNA