Vietsovpetro Posts Profit of US$4.5 Bln in 2005-2007

Vietsovpetro, a joint venture of the state-owned oil monopoly PetroVietnam group and Russia's Zarubezhneft, was estimated to net profit of US$4.5 billion on gross revenue of US$14 billion during 2005-2007 period, Chief State Auditor Vuong Dinh Hue said at a working session between Vietnam’s State Audit and Russian Audit Chamber to review their JV's mutual audit report over the phase.

 

Of the total profit, the Vietnamese side enjoyed US$2.216 billion and the Russian side US$2.289 billion in line with capital contribution level of 49 per cent and 51 per cent, respectively, according to the audit report.

 

The auditing bodies of the two countries set up a joint working team last April to audit the JV's business operations and activities between 2005 and 2007. Their complete report showed that Vietsovpetro had operated effectively and had enormous influence not only in Vietnam but also in other regional countries.

 

Both Vietnam and Russia expressed the desire to continue increasing comprehensive cooperation in the field of auditing, promote the exchange of high-level delegations, and share experiences in auditing among units under the two bodies.

 

On the occasion, Russian Audit Chamber Chairman Sergey Stepashin voiced his support for Vietnam’s bid to host the Asian Organization of Supreme Audit Institutions (ASOSAI) congress in 2012.

 

Vietsovpetro has targeted to tap 6.2 million tons of crude oil and 1.6 million billion cubic meters of natural gas during this year, the joint venture's general director Tran Le Dong said.

 

Last year, the JV pumped over 7.7 million tons of crude oil, surpassing 601,000 tons against its 2008's target, and attained US$6.35 billion in gross revenue, fulfilling 193 per cent of the yearly plan.

 

The JV is also speeding up preparations to become a two-member limited company after 2010 in accordance with an agreement reached between two governments of Vietnam and Russia. (Local sources)