PetroVietnam Needs US$9.34B for Projects in 2009-2011

The state-owned oil monopoly PetroVietnam group said that it will need up to VND185 trillion (US$9.34 billion) to carry out projects on various fields in the 2009-2011 period.

 

PetroVietnam will mobile local and foreign loans, issue international bonds or boost equitization in order to have such a huge investment capital, the paper quoted an anonymous official of the group as saying.

 

In the first quarter this year, the group made a gross revenue worth VND52 trillion ($3.06 billion), representing 97 per cent of the quarterly target and making up 25 per cent of the yearly target, and contributed VND18.6 trillion ($1.09 billion) to the state budget, down 26 per cent on year.

 

In the second quarter, PetroVietnam aims to gain a gross revenue of VND53 trillion ($3.13 billion), including $1.46 billion from exports.

 

This year, the group aims to attain revenues of VND261.11 trillion ($15.82 billion) and contribute VND79.58 trillion ($4.82 billion) to the state budget in 2009. (Securities Investment)