Vietsovpetro Revenue Hits US$4.8 Bln in 2007
Vietnam-Russian oil and gas joint venture (Vietsovpetro) attained revenue of US$4.8 billion in 2007 thanks to the global oil price soar, fulfilling 153 per cent of the year’s target, a source from the company said.
Contribution to Vietnam’s state budget and Vietnamese profit reached US$3.31 billion while earning for Russian side hit over US$795 million, it noted.
Vietsovpetro completed its plan to produce 8.6 million tons of crude oil, and brought ashore 1.36 billion cubic meters of associated natural gas in 2007, it said.
Vietnamese Prime Minister Nguyen Tan Dung has recently turned the green light to the Supplementary Protocol for Vietnam-Russia Oil, Gas Cooperation Agreement dated July 16, 1991.
Vietsovpetro was founded in 1981 between Vietnam’s state oil and gas monopoly PetroVietnam and Russian oil firm Zarubezhneft.
Vietsovpetro is currently managing Vietnam’s biggest oilfield Bach Ho, which accounts for 60 per cent of the country’s crude oil exports, and can produce 4.6 million cubic meters of gas a day. (Youth, Pioneer)
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