Trade ministry cuts petroleum import quota
The Ministry of Industry and Trade has decided to reduce the petroleum
import quota for this year to approximately 7 million tonnes from the
earlier 9.115 million tonnes.
The Ministry of Industry and Trade has decided to reduce the petroleum
import quota for this year to approximately 7 million tonnes from the
earlier 9.115 million tonnes.
All of the 18 domestic firms eligible for petroleum imports saw a sharp decrease in the import quota compared with the level set earlier this year.
Specifically, the Vietnam National Petroleum Corp (Petrolimex) received the largest import quota reduction from 5.18 million tonnes to 4.396 million tonnes. It was followed by PetroVietnam Oil Corporation (PV Oil), with 591,000 tonnes.
Of note, PV Oil's petrol import quota was 27,000 tonnes, accounting for 10 percent of the initial assignment.
Several firms such as the Aviation Petroleum Company, Nam Viet Oil Refinery and Petrochemicals Company, the Military Petroleum Corp (MPEC), and Dong Phuong Petroleum Company also saw their import quotas on mazut lowered to zero.
Under the current regulations, petroleum importers will not be allowed to import below the assigned levels.
Vo Van Quyen, head of the ministry's Domestic Market Department, told Dau tu (Vietnam Investment Review) that the decreasing import quota was attributable to a reduction in petroleum demand or increase in the number of businesses buying petrol from Dung Quat Refinery Plant.
Statistics from the General Department of Customs showed that the country imported 7 million tonnes of petroleum, with a turnover of 6.6 billion USD, last year. In 2012, the import total amounted to 8.9 million tonnes.-VNA
All of the 18 domestic firms eligible for petroleum imports saw a sharp decrease in the import quota compared with the level set earlier this year.
Specifically, the Vietnam National Petroleum Corp (Petrolimex) received the largest import quota reduction from 5.18 million tonnes to 4.396 million tonnes. It was followed by PetroVietnam Oil Corporation (PV Oil), with 591,000 tonnes.
Of note, PV Oil's petrol import quota was 27,000 tonnes, accounting for 10 percent of the initial assignment.
Several firms such as the Aviation Petroleum Company, Nam Viet Oil Refinery and Petrochemicals Company, the Military Petroleum Corp (MPEC), and Dong Phuong Petroleum Company also saw their import quotas on mazut lowered to zero.
Under the current regulations, petroleum importers will not be allowed to import below the assigned levels.
Vo Van Quyen, head of the ministry's Domestic Market Department, told Dau tu (Vietnam Investment Review) that the decreasing import quota was attributable to a reduction in petroleum demand or increase in the number of businesses buying petrol from Dung Quat Refinery Plant.
Statistics from the General Department of Customs showed that the country imported 7 million tonnes of petroleum, with a turnover of 6.6 billion USD, last year. In 2012, the import total amounted to 8.9 million tonnes.-VNA
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