PetroVietnam’s 08 Revenue Up 31.2 per cent to US$16.57 Bln

State-owned oil monopoly PetroVietnam group is estimated to earn total revenue of VND280.05 trillion (US$16.57 billion) in 2008, equivalent to 20 per cent of the nation’s GDP, surpassing 49.6 per cent of the year’s target and representing an on-year increase of 31.2 per cent, said the group at a press briefing December 29.

 

The group contributes VND121.8 trillion (US$7.2 billion) to the state budget, exceeding 81.4 per cent of the year’s target, up 41.7 per cent on-year and making up 31 per cent of the total state budget collection during the year.

 

PetroVietnam exports 14.46 million tons of crude oil worth US$11.15 billion, up 26.7 per cent on-year in value and representing 17.72 per cent of the country’s total export turnover.

 

In 2008, the group produces 22.5 million tons of oil equivalents, realizing 95.7 per cent of the year’s target. Of the sum, 15 million tons are crude oil and condensate, and the rest of natural gas.

 

PetroVietnam clinched 15 new oil and gas contracts, including five in domestic market and ten in foreign countries.

 

It also put into operation five new oil fields, namely, Ca Ngu Vang, Phuong Dong, Su Tu Vang, Song Doc and Bunga Orkid.

 

The group continues safely operating the gas pipelines of Rang Dong-Bach Ho-Phu My, Nam Con Son and PM3-Ca Mau.

 

Speaking at the briefing, PetroVietnam admitted its several shortcomings such as realized investment reaching 73 per cent of this year’s target and projects’ disbursed capital of 89.3 per cent. (Labor, Urban Economy)