Viet Nam National Petroleum Corporation (Petrolimex) is forecasting revenues of VND64.8 trillion (4.05 billion US$) this year, says the company’s Deputy General Director Bui Ngoc Bao.
The corporation, on such revenues, could earn VND565 billion (35.31mio US$) and contribute VND10.85 trillion (678.13mio US$) to the national budget, Bao added.
He also expects the company to import a total of 8.18 million tonnes of gasoline, equalling the total output in annual sales this year. This represents an increase of 5.1% last year.
The volume of petrol sold at home would increase by 6% to reach 7.18 million tonnes. The remaining one million tonnes would be re-exported.
The corporation aims to ensure domestic demand will be met as part of its efforts to stabilise the domestic petrol market, said Bao.
To achieve the goals for 2007, he said, the corporation must closely follow domestic and world oil market developments and tightly co-ordinate with major petrol importers and relevant agencies to manage petrol trading and trading policies.
The company also looks to fine-tune its financial controls and increase investment in its infrastructure.
According to Bao, Petrolimex is being reorganised for conversion into a parent company with various subsidiaries. The result will be Petrolimex Economic Corporation by 2010.
Bao suggested that the Goverment considers tightening rules under which enterprises would be authorised to deal in petrol. The number of general agents should be reduced to make supervision easier, he believes, and to assist that remaining agents meet safety and environmental standards. Small fuel stations may eventually be abolished.
Bao also suggested the Goverment fixes schedules to collect import duties (after six or twelve months) to make it easier for enterprises to work out long-term business plans and produce stable incomes for the national budget.
The Government should soon authorise enterprises to fix petrol prices, he said. It should intervene in the petrol market with administrative and economic measures only when the world petrol prices see great fluctuation that could harm the national economy.
Ministries and sectors should work out price adjustment plans to submit to the Goverment for consideration at the beginning of each year or every six months, he said.
Bao suggested increasing national petrol reserves, which could be used to stabilise the market when it becomes especially volatile.
Source: VNS
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