Decision No. 58/2004/QD-BTC On the management of financial resources for basic construction investment funds from profits distributed by the Vietsovpetro Joint Venture Oil and Gas Enterprise

DECISION OF THE MINISTER OF FINANCE

Regarding the management of financial resources for basic construction investment capital from profits

distributed from the Vietsovpetro oil and gas joint venture enterprise

_________________________

THE MINISTER OF FINANCE

Pursuant to the State Budget Law No. 01/2002/QH11 dated December 16, 2002;

Pursuant to Decree No. 60/2003/NĐ-CP dated June 6, 2003 of the Government detailing and guiding the implementation of the Law on State Budget;

Pursuant to Decree No. 77/2003/NĐ-CP dated July 1, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Pursuant to Decision No. 185/2003/QD-TTg dated September 10, 2003 of the Prime Minister abolishing the provisions of the Prime Minister on the reissue and reinvestment from state budget revenues starting from fiscal year 2004.

At the proposal of the Director of the State Budget Department and the Director of the Legal Department,

DECISION:

Article 1. Abolish Circular No. 49/TC/NSNN dated July 30, 1997 of the Ministry of Finance guiding the financial management of profits distributed from the Vietsovpetro oil and gas joint venture enterprise.

Article 2. Starting from 2004, the profit (after tax) distributed from the Vietsovpetro oil and gas joint venture enterprise (the portion enjoyed by Vietnam) and the profits distributed from the host country in product sharing contracts (PSC) must be remitted to the state budget (Chapter 121, type 03, item 02, sub-item 027 of the current state budget classification) in accordance with the law.

Article 3. Annually, projects and works related to oil and gas approved by the State and assigned to the Vietnam Oil and Gas Corporation to implement shall be included in the state budget estimate (including the portion of capital contribution from Vietnam for key oil and gas projects) and reported to the Government for submission to the National Assembly for consideration and decision in accordance with the State Budget Law.

Article 4. The Vietnam Oil and Gas Corporation is responsible for managing and utilizing the state budget funds allocated for investment in oil and gas projects in accordance with the regulations of the State, for their intended purposes, and effectively.

Article 5. For the capital that has been allocated by the state budget to the Vietnam Oil and Gas Corporation according to the estimate assigned by the Prime Minister through the method of recording income and expenditure, if it remains unused until the end of the central government's finalization period for the 2003 budget, it may continue to be used for expenditures on projects included in the annual investment plan of the State.

Article 6. The State Treasury is responsible for controlling the disbursement of basic construction investment capital for projects and works in the oil and gas sector in accordance with the prescribed regulations.

Article 7. This Decision shall take effect fifteen days from the date of publication in the Official Gazette.

Article 8. The Director of the State Budget Department, the Director of the Investment Department, the Director of the Corporate Financial Affairs Department, the General Director of the State Treasury, the Director-General of the General Department of Taxation, the Chairman of the Board of Directors, and the General Director of the Vietnam Oil and Gas Corporation are tasked with implementing this Decision./.