The Vietnam National Oil and Gas Group (PVN) and Bulgarian company Prista Oil held a symposium in Hanoi on April 8 exchanging experience in managing and treating used oil.

PVN General Director Do Van Hau said almost all countries around the globe have issued strict regulations regarding the treatment and recycling of used oil. In the US, some 1.4 million cubic metres of such oil are collected and recycled every year to fuel over 50 million vehicles.

He pointed to the fact that Vietnam has only released rules on collecting and recycling used products in general. Meanwhile, the work on used oil is still done spontaneously using old methods, causing safety, quality and environmental concerns.

According to Nguyen Xuan Son, General Director of the Petro Vietnam Oil Corporation (PV Oil), Vietnam’s oil market is assessed to have great potential. However, many difficulties remain due to a shortage of legal corridors.

The country also lacks experience in the management, collection and recycling of used oil, he added.

At the symposium, Prista Oil Managing Director Danko Pavlov said the licence for companies to collect and treat used oil is controlled by stern regulations in Bulgaria.

Before licensing, managerial agencies have to inspect the firms’ capacity and make sure their operations meet the standards of both Bulgaria and the EU.

The country also assigns local authorities to promote the recycling of used oil, he noted.

At the event, in the presence of visiting Bulgarian Prime Minister Plamen Vasilve Oresharski, PV Oil Lube – a subsidy of PV Oil - and Prista Recycling - a division of Prista Oil - inked a cooperation memorandum of understanding.-VNA