PetroVietnam will raise some major development goals for the 2009-2010 period based on its good business performance and early fulfillment of many targets set for the whole period of 2006-2010, said the deputy PM.
The group will boost oil and gas exploration and exploitation activities domestically and aboard to increase verified reserves to 75 million to 80 million tons of oil equivalent. The group targets to produce 48.36 million tons of oil equivalent, including 32.36 tons of crude oil and 16 billion tons of gas during the 2009-2010 period.
It will pay due attention to safe power and gas generation activities and develop new power projects in line with the Vietnam’s national electricity development plan between 2006 and 2015, and vision 2025, or plan VI, in order to increase its total power capacity to 2,500 MW or 10 per cent of the nation’s total output in 2010 and 30 per cent in 2015.
PetroVietnam will also do utmost to complete oil refineries and petrochemical projects as schedule such as Dung Quat oil refinery in Feb 2009, Nghi Son petro-chemical complex and Long Son oil refinery with the completion of first phases in 2013.
As result, some key development targets of PetroVietnam in the 2006-2010 period will be raised. The group’s total revenue will reach between VND1,130 trillion and VND1,244.8 trillion, up from the old target of VND669.3 trillion, its whole power output will stand at 26.91 billion kWh, up from 15 billion kWh, and its average oil and gas services growth rate will reach 20 per cent/yr.
PetroVietnam also lowered some targets like reduction in oil and gas, and urea production outputs and prolonging progress of some gas-fertilizer projects.
During the 2006-2008 period, PetroVietnam reported a gross revenue of VND689 trillion, equaling to 103 per cent of the 2006-2010 period’s target, contributed VND273 trillion to the state budget, representing 134 per cent of the five-year target, and exported nearly US$29 billion, meeting 137 per cent of the five-year goal.
The group has ensured investment progress of many gas-power projects, and completed and effectively operated power plants and gas pipeline systems such as Rang Dong-Bach Ho, Nam Con Son, PM3-Ca Mau, Ca Mau 1 &2, Nhon Trach 1 power plants.
Apart from advantages, PetroVietnam is now facing with some challenges such as unfulfilled oil and gas production output for the period and slow progress of gas pipelines, fertilizer plants, and ship building. (
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