The Ministry of Industry and Trade (MoIT) will allow oil and gas wholesalers to reduce the minimum petroleum import quota in 2011 by more than a million tonnes.
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| Minimum import quota will be reduced |
The ministry has approved a measure that would lower the minimum import quota from 11 million tonnes to 9.978 million tonnes.
According to the list of minimum fuel import quota adjustment in 2011, as many as 11 out of 13 companies will reduce their import quotas.
The Vietnam National Oil and Gas Group (Petro Vietnam) will have the largest reduction, from 6.3 to 5.8 million tones.
Mekong Petroleum Joint Stock Co and Vietnam Oil Refinery and Petrochemicals Joint Stock Co. will have their quota reduced by 40,000 tonnes, while that of Military Petrochemical One-member Limited Corp. will be lessened nearly 300,000 tonnes.
Two companies, Investment and Technical Trading One Member Company Ltd and Hiep Phuoc Power Ltd Co, who together only make up 600,000 tonnes, will have their import quotas remain the same.
The import quota adjustments will be applied to all types of fuels, except for jet fuel, which will be doubled. Only Vietnam Air Petrol One Member Company Ltd. will increase have its fuel import quota increased, from 200,000 tonnes to 500,000 tonnes.
The adjustment was proposed by oil and gas wholesalers. The ministry approved basing their decision on the supply and demand of the domestic market.
Deputy minister Nguyen Cam Tu asked that wholesalers maintain their minimum reserves in order to supply a steady and reliable supply of petrol to the nation.
