President Urges PetroVietnam to Expand Operations Aboard

Vietnamese President Nguyen Minh Triet has encouraged the sate-owned oil monopoly PetroVietnam group to expand its oil exploration and production in other countries in an effort to ensure further development in the future.

 

The Vietnamese president made the statement at the group’s year-end conference, which took place in Hanoi on January 19.

 

On behalf of the Party and State, Triet also bestowed the title “Labor Hero” to the group and presented other awards to its leaders and subsidiaries

 

Last year, PetroVietnam earned 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.

 

The group 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.

 

It also clinched 15 new oil and gas contracts, including five in domestic market and ten in foreign countries, as well as put into operation five new oil fields, namely, Ca Ngu Vang, Phuong Dong, Su Tu Vang, Song Doc and Bunga Orkid.

 

This year, PetroVietnam has targeted to tap 24 million tons of oil equivalents from 16 million tons of crude oil and condensate and 8 billion cubic meters of natural gas; export 11.68 million tons of crude oil and condensate; and produce 7.5 billion cubic meters of dry natural gas, 740,000 tons of urea and 10 billion kWh of power.

 

The group aims to post revenues of VND212.5 trillion (US$12 billion) and contribute VND61.6 trillion (US$3.5 billion) to the state coffer this year. (Local sources)