What are the documents and procedures for issuance of investment registration certificate to contractors performing petroleum operations in Vietnam?
- What are the documents for issuance of investment registration certificate to contractors performing petroleum operations in Vietnam?
- What are the procedures for issuance of investment registration certificate to contractors performing petroleum operations in Vietnam?
- What are the main contents of an investment registration certificate for contractors performing petroleum operations in Vietnam?
- What are the grounds for amendments to terms of petroleum contracts and investment registration certificates in Vietnam?
What are the documents for issuance of investment registration certificate to contractors performing petroleum operations in Vietnam?
Pursuant to the provisions of Clause 1, Article 22 of Decree 45/2023/ND-CP stipulates as follows:
Documents and procedures for issuance of investment registration certificate
1. Within 5 working days from the date on which petroleum contracts are signed, the PVN shall submit 1 set of original documents to the Ministry of Industry and Trade to request issuance of investment registration certificate (IRC) to contractors performing petroleum operations. The documents consist of:
a) Written request for issuance of IRC for signed petroleum contracts to contractors performing petroleum operations;
b) Original petroleum contracts signed by the PVN and the contractors.
Accordingly, the documanets for issuance of investment registration certificate includes:
- Written request for issuance of IRC for signed petroleum contracts to contractors performing petroleum operations;
- Original petroleum contracts signed by the PVN and the contractors.
Note: Within 5 working days from the date on which petroleum contracts are signed, the PVN shall submit 1 set of original documents to the Ministry of Industry and Trade to request issuance of investment registration certificate (IRC) to contractors performing petroleum operations
What are the documents and procedures for issuance of investment registration certificate to contractors performing petroleum operations in Vietnam? (Image from the Internet)
What are the procedures for issuance of investment registration certificate to contractors performing petroleum operations in Vietnam?
Pursuant to the provisions of Article 22 of Decree 45/2023/ND-CP stipulating procedures for issuance of investment registration certificate to contractors performing petroleum operations as follows:
- Within 5 working days from the date on which petroleum contracts are signed, the PVN shall submit 1 set of original documents to the Ministry of Industry and Trade to request issuance of investment registration certificate (IRC) to contractors performing petroleum operations
- Within 15 days from the date on which adequate documents are received, the Ministry of Industry and Trade shall issue investment registration certificate to contractors and the PVN and send original copies of the IRC to the Ministry of Finance, Ministry of Planning and Investment, Ministry of Justice, and tax authorities.
- Within 30 days from the date on which contractors fulfill all obligations under petroleum contracts or the date on which petroleum contracts are terminated in accordance with Article 35 of the Law on Petroleum (whichever comes later), the contractors must submit original copies, main copies of IRC and revised IRC (if any) to the PVN in order to submit to the Ministry of Industry and Trade.
What are the main contents of an investment registration certificate for contractors performing petroleum operations in Vietnam?
Pursuant to the provisions of Article 27 of the Law on Petroleum 2022, it is stipulated as follows:
Issuance of investment registration certificates
1. On the basis of the signed petroleum contracts, the Ministry of Industry and Trade shall issue investment registration certificates to contractors performing petroleum operations.
2. Main contents of an investment registration certificate consist of:
a) Name of the petroleum contract, oil block, petroleum project;
b) Objectives and scale;
c) Execution site;
d) Operating office;
dd) Contractors, participation interest rate, operator;
e) Minimum financial commitment of the hydrocarbon exploration phase;
g) The contractor’s financial, technical and risk responsibilities;
h) Rights of the contractor who is eligible for recovering costs obtained from the oil production according to the petroleum contract;
i) Term of the petroleum contract;
k) Effective date of the petroleum contract.
3. The Government shall issue regulations on documents and procedures for issuance of investment registration certificates.
Accordingly, the investment registration certificate includes the contents as prescribed above.
What are the grounds for amendments to terms of petroleum contracts and investment registration certificates in Vietnam?
Pursuant to the provisions of Article 28 of the Law on Petroleum 2022, the amendments to terms of petroleum contracts and investment registration certificates are as follows:
Amendments to terms of petroleum contracts and investment registration certificates
1. Terms of petroleum contracts shall be amended according to approvals of the Prime Minister on the basis of proposals of PVN and appraisal reports of the Ministry of Industry and Trade.
2. The Ministry of Industry and Trade shall amend the contractors’ investment registration certificates on the basis of the approved amended petroleum contracts.
3. The Government shall issue regulations on documents and procedures for appraisal and approval of amended petroleum contracts and investment registration certificates.
Accordingly, The Ministry of Industry and Trade shall amend the contractors’ investment registration certificates on the basis of the approved amended petroleum contracts.
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