National Assembly (NA) deputies are scheduled to debate the revision of the Petroleum Law on June 3, which aims to strengthen the effectiveness and enforcement of the law in State management, remove obstacles, create a more favourable legal corridor for investors, thus contributing to enhancing the attractiveness of the investment environment in the field of oil and gas.

The draft revised Petroleum Law comprises 11 chapters and 64 articles, clarifies six groups of policies that have been approved by the NA in Resolution No.17/2021/QH15.

The policies include those on the framework for the implementation of oil and gas projects in chain, the investment incentives and special preferential policies for oil and gas projects in lots through petroleum contracts, and the accounting, auditing, settlement and handling of expenses in oil and gas activities.

Also on June 3, as part of their ongoing third session, the legislators will listen to the Government’s proposal on the law on amendments and supplementations to a number of articles of the Law of Radio Frequencies, and a verification report on the bill.

According to the proposal, the amendments and supplementations aim to institutionalise the Party's resolutions on comprehensively and synchronously completing the socialist-oriented market economy institution, creating a favourable environment for effective mobilisation, allocation and use of radio frequencies and satellite orbits.

The bill has been made to become coherent with the relevant international laws and treaties.

In the afternoon, the deputies will discuss in groups the draft Petroleum Law (revised) and the law on amendments and supplementations to a number of articles of the Law of Radio Frequencies./.

Source: VNA