Vietnam Gov’t Okays PetroVietnam’s Plan to Raise Registered Capital
The Vietnamese prime minister has recently given the green light to the state-owned oil monopoly PetroVietnam group to raise its registered capital.
The move aims to facilitate the group to speed up implementation of invested projects and balance its added equity capital sources annually.
The PM has also asked PetroVietnam to specify its annual equity structure for a registered capital hike, said the newspaper without mentioning the time for the increase.
PetroVietnam’s registered capital stands at VND76 trillion (US$4.49 billion), reported Dow Jones.
In 2008, the group earned a total revenue of VND280.05 trillion (US$16.57 billion), 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.
It contributed 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 produced 22.5 million tons of oil equivalents during the year, 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. (Vietnam Economic Times, The People)
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