Vietnam PM Taskforce Urges OK for Unlimited Petroleum Trading Licenses

A Vietnamese prime minister’s taskforce on administrative reform has proposed granting unlimited petroleum trading licenses instead of the current five-year ones.

The move would help simplify administrative procedures related to petroleum trading as the number of licensed traders are still under control, the government of Vietnam said on its website Jul 2, citing the taskforce.

The PM’s taskforce also urged periodical performamce reports by petroleum importers and exporters plus tighter supervision by authorities to prevent possible misconducts.

It suggested shortening time for granting the license to 20 days from the current 30 days.

The Southeast Asian country currently has 11 major petroleum traders, of whom, the state-run Vietnam National Petroleum Corp. (Petrolimex) is the biggest for holding a 51% of the domestic market share and having 1,871 filling stations nationwide, including 332 in remote areas.

Tags: Vietnam Petroleum

Posted by VBN on Jul 7 2010. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry