PetroVietnam Invests VND38T in Projects in Jan-May

The state-owned Vietnam Oil and Gas Group (PetroVietnam) said it invested VND38 trillion ($2 billion) in various projects in the first five months of this year, 11% behind the period target and completing 34.39% of its full-year target.

 

The firm disbursed VND30 trillion for its projects in the January-May period, 7% behind the period target and meeting 22% of the year’s plan.

 

PetroVietnam put into operation three works, started 11 projects, signed a business cooperation contract (BCC) for the $1-billion Block B-O Mon gas pipeline project in the southern region and clinched comprehensive cooperative agreements with the local government of the southern province of Bac Lieu and Agribank during the period.

 

Between January and May, the group earned service revenues of VND52 trillion, up 53% on year, fulfilling 46% of the full-year target and accounting for 30% of its five-month revenues.

 

It spent nearly 240 billion in humanitarian operations in the period, meeting 48% of its full-year target.

 

This year, PetroVietnam plans to pour VND110.5 trillion into its projects this year, up 67.42% from a year earlier. (PVN)