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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1665)5/18/2000 10:24:00 AM
From: Tomas  Read Replies (1) of 2742
 
Vietnam Passes New Law to Boost Investment in the oil and gas sector

HANOI, May 18 (energy24.com) - The Vietnamese parliament has approved new legislation designed to boost foreign investment in the country?s key oil and gas sector, official newspapers have reported.

The new law comes just a day after MPs approved a new general law on foreign investment designed to stem a drastic decline in foreign investment approvals from eight billion dollars in 1996 to just 1.5 billion last year.

Full details of the 17 new measures, which were approved in a closed-door session midweek, will not be released until the legislation has been ratified by state President Tran Duc Luong.

But in an interview with the leading official daily Nhan Dan (The People), the chairman of the government office, Doan Manh Giao, played down expectations, saying ?only some articles and provisions, which are imperative, were amended.?

He gave no details of the amendments but said they were ?aimed at creating a favourable legal environment and increasing Vietnam?s attractiveness to investors.?

Parliamentary reports in the official press said the bulk of the government?s proposals to revive declining interest in the country?s upstream sector were approved without opposition from communist legislators.

The new law, which comes into effect on July 1, will set statutory rates of return for foreign firms working in Vietnam?s offshore oil and gas fields which should allow them to recover initial capital costs of exploration and drilling more quickly, they said.
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