PetroVietnam Attains Record Revenues of US$12.73 Bln in 2007
State-owned oil monopoly PetroVietnam group obtained record revenues of VND203.7 trillion (US$12.73 billion) in 2007, up 13.1 per cent on year, a company official said.
The revenue accounts for nearly 18.3 per cent of the country’s GDP, and surpassed 121 per cent of the group’s target in 2007, it noted.
PetroVietnam contributed VND85.1 trillion (US$5.31 billion) to the State budget in 2007, up 6.3 per cent on year. The figure represents 29.5 per cent of the total State budget and completes 142 per cent of the target set for last year.
The group clinched 12 new oil and natural gas exploration and production contracts last year, including seven outbound and five inbound ones, and three memorandums of understanding (MoUs) with Cameroon, Myanmar and Laos.
PetroVietnam has inked deals with foreign giants of BP, Trafigura, Glencore and Abu Dabi to jointly explore for and produce oil and natural gas in the country’s biggest oilfield, Bach Ho.
The group has also made a breakthrough in operation expansion into electricity, tourism services and real estate sectors.
PetroVietnam is estimated to have produced 22.73 million tons of oil equivalent from 15.91 million metric tons of crude oil and 6.82 billion cubic meters of natural gas in 2007.
Vietnam plans to export 15 million tons of crude oil valued at US$9 billion in 2008, with an average price of US$600/tons or equivalent US$81.86/barrel, said the Ministry of Industry and Trade. (Labor Online, Pioneer)
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