PetroVietnam is to be one of the nation's leading groups, both inside and outside the country, with sharpened competitive edges and growth of up to 20 per cent a year, according to a five-year plan approved by the Prime Minister.
The group aims to increase oil and gas reserves and petroleum exploration output by 35-40 million tonnes and 23-34 million tonnes of oil equivalent per year respectively.
By 2015, PetroVietnam would be able to produce about 16-17 million tonnes of refined oil, meeting 50-60 per cent of domestic petrol demand and 60-70 per cent of nitrogenous fertiliser demand.
By 2015, around 50-60 per cent of materials demand for petrochemical and petrochemical products would be satisfied.
At the same time, the group would put three bio-fuel plants into operation while developing bio-fuel production and distribution systems nationwide.
Petroleum services would be encouraged to grow at an average rate of 20 per cent per year, the plan says.
Foreign currency
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New rules for petrol price increases
The Ministry of Finance has announced the basic petrol price, calculated under Government Decree 84.
The decree permits businesses to adjust petrol prices by up to 7 per cent when the world petrol price fluctuates by at least that amount in 30 consecutive days.
When the global oil price was rising and falling between 7-12 per cent, enterprises were allowed to raise prices by 60 per cent of the increase, with the remaining 40 per cent offset by import tax adjustments and the fuel stabilisation fund.
Accordingly, the basic petrol price would be based on the average price over the previous 30 days
Despite a continued decline in world crude oil prices, the computed average price of petrol from July 12 to August 10 was higher than the existing price on the domestic market: from VND342 (US$0.016) to VND530 per litre.
Consequently, the inter-ministries of finance, industry and trade decided the petrol price would remain unchanged. |
PetroVietnam was eligible to use foreign currencies for its investment projects or those carried out by its subsidiaries via service contracts, according to a new circular issued by the Ministry of Finance.
The circular said the group was allowed to use foreign currencies to contribute capital to joint ventures.
PetroVietnam could use foreign currencies to pay principal, interest and fees on its borrowings for those investment projects and other maturity debts.
The group was expected to collect foreign currencies from petroleum contract revenues inside and outside the country.
The new circular would not apply for PetroVietnam subsidiaries.
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