Vietnam partially lifts sanctions on Vinalines

Vietnam’s Ministry of Industry and Trade has partially lifted the oil product import quota it had imposed on Vietnam National Shipping Lines (Vinalines). The quota was imposed on Vinalines after the government found that the company had been cutting back on its oil product imports and sales in late 2011, as well as in January and February this year, due to government-mandated fuel prices which kept prices low. “The company also did not buy oil products from Vietnam’s Dung Quat oil refinery,” said Cong Thuong of the Ministry of Industry and Trade. The company will be allowed to import just enough diesel and fuel oil for its maritime operations. Its import quota for 2012, set at 130,000 cubic meters of oil products, will be transferred to Nam Viet Oil and Mipec. Both companies recently joined the market this year, after the withdrawal of Petro Mekong. The country imports 70% of its oil products’ demand, while the balance comes from its only refinery in Dung Quat. (March 13, 2012)