Vietnam’s regulations on transfer of an oil and gas contract

10:31, 12/04/2009

The Law amending and supplementing the Law on Petroleum in 2008 of Vietnam was promulgated on June 03, 2008. One of the fundamental contents of this Law is the amendments to regulations on transfer of an oil and gas contract of the Law on Petroleum 1993.

Specifically, according to Clause 11 Article 1 of the Law amending and supplementing the Law on Petroleum in 2008 of Vietnam, the transfer of part or whole of an oil and gas contract by the contractual parties must satisfy the following conditions:

- The transferee undertakes to implement contents of the oil and gas contract concluded by the transferor,

- To satisfy the conditions on transfer of capital and projects according to the investment law.

The transfer of part or whole of an oil and gas contract must be approved by the Prime Minister and takes effect as prescribed in the modified investment certificate.

Vietnam Oil and Gas Group has the preemptive right to buy part or whole of an oil and gas contract to be transferred.

The transferor shall pay taxes and fees according to the law on taxes, fees and charges.

View more amendments and supplements at: The Law amending and supplementing the Law on Petroleum in 2008 of Vietnam takes effect from January 01, 2009.

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