PetroVietnam Targets to Meet 70 per cent of Vietnam's Oil Needs by 2015

PetroVietnam Targets to Meet 70 per cent of Vietnam's Oil Needs by 2015

The Vietnam Oil and Gas Corporation (PetroVietnam) hopes to fulfill 60-70 per cent of total demand for petroleum products in Vietnam by 2015, gradually securing national fuel security.

The State-owned corporation has also set goals to provide 50-60 per cent of petroleum need at the nitrogenous fertilizer industry, 50 per cent at the polyester industry and 20-30 per cent at the plastic production sector by 2015.

PetroVietnam plans to produce 30-32 million metric tons of oil equivalent by 2015, including 16-18 million tons of crude oil, 11-13 billion cubic meters of gas and nearly three million tons of crude oil exploited overseas, according to expertise estimates.

It will develop oil and gas technical services, crude oil trading and international oil and gas businesses.

The corporation will gradually boost investment in oil exploration and exploitation abroad, with the aim of ensuring the long-term oil supply for Vietnam, its officials said.

The state-run oil and gas monopoly also eyes oil processing and circulation abroad, the officials added.

In 2004, PetroVietnam reported total revenues of over USUS$7.02 billion, a record high, up 44.82 per cent on year.

It exploited 20.21 million tons of crude oil and 6.25 billion cubic meters of gas and exported 19.5 million tons of crude in the year.
Vietnam Financial Times