Petrol price will be adjusted every 3-6 months (26/12)
06/08/2010 - 27 Lượt xem
The aim of the fund is to help stabilize the petroleum market thanks to a special operation scheme. When the world’s prices stay at low levels and petrol importers can make profit, the importers have to contribute a part of the profit to the fund. When the world’s prices increase and petrol importers suffer from loss as they keep retail prices unchanged, the fund will compensate for the losses incurred by petrol importers.
Under the draft plan on risk prevention fund, the petrol price adjustment will not be carried out regularly, but in every three or six months.
The Ministry of Finance’s plan is now open for collecting opinions from the Ministry of Industry and Trade and relevant ministries.
In order to increase the petroleum reserve and stabilize the market, recently, the Van Phong Petroleum Bonded Warehouse Company, the joint venture of Petrolimex (petroleum importer and distributor), Pjico (insurer) and Singaporean PB Tanks Limited, has decided to spend $100mil on building a bonded warehouse with the capacity of 1mil cu m.
The Van Phong petroleum bonded warehouse is expected to be located on My Giang island in Van Phong Bay of the central province of Khanh Hoa. It is 425 m far from the mainland, covering an area of 430 sq km. It is expected that some 5-6mil cu m of petroleum will go through the warehouse every year. A pier capable to receive 150,000 DWT ships will also be built.
It is estimated that the first phase of the project will cost $60mil.
Source: VietnamNet.
