Speaking at the event, PVN General Director Do Van Hau said most countries have stringent regulations on the production, distribution, treatment and recycling of waste oil. Vietnam, on the other hand, has only limited and very general regulations addressing these issues.

Poor waste treatment and management has harmful effects on the environment and natural resources, and poses inherently high risks for labour safety and product quality, he added.

Compounding the problem, he said, is the fact that Vietnam still lacks practical experience in formulating the legal framework that is necessary if the lubricant oil sector is to develop and thrive, benefiting the country’s socio-economic development.

Danko Pavlov, Director of Bulgaria’s National Company for Collection and Utilization of Waste Oils, in turn emphasized that his country issues strict regulations on this field, adding that any businesses involved in oil recycling must meet well-defined requirements and demonstrate the effectiveness of their projects.

He noted that in addition to conforming with the strict Bulgaria’s regulations, these businesses must also fully comply the European Union (EU)’s standards. 

On the occasion, PV Oil and Prista signed a memorandum of understanding (MoU) on lubricant oil cooperation in the presence of Bulgaria Prime Minister Plamen Oreharski and representatives from relevant ministries.