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Vietnam petrol traders must register production

Vietnamese petroleum traders must register their production, import and export plans with the Ministry of Industry and Trade from August 1. The ministry will make the final decision on traders’ plans within seven working days, the Vietnam News Agency reported. The new regulation will substitute for the former circular on the issue dated April 1, 2008. Vietnam spent US$2.436 billion on importing 3.869 million metric tons of petroleum products from January to mid-May, up 19.4% from a year earlier in value but down 23.8% in volume, said the ministry. The nation’s first oil refinery in Dung Quat, located in the central province of Quang Ngai, produced 1.77 million tons of petroleum products between January and May this year. (June 16, 2010)