PetroVietnam Targets US$38.7Bln Revenues in 2015

Vietnam National Oil and Gas Group (PetroVietnam) targets an annual growth rate of 15 per cent from now to 2015, bringing revenues from US$11 billion in 2006 to US$38.7 billion by 2015, PetroVietnam CEO Dinh La Thang said.

 

The unlisted PetroVietnam will hold 100 per cent stake in six subsidiaries, and 50 per cent stake in 11 other affiliates.

 

The group will also hold stakes in several other entities, including Vietnam Petroleum Institute (VPI), Vietnam-Russia Oil and Gas Joint-Venture (Vietsovpetro) and Oil and Gas College.

 

This year PetroVietnam plans to produce 128.3 million barrels of crude oil, or 351,000 barrels a day (bbd), down 1.17 per cent against 2006; to bring 7.3 billion cubic meters of gas from its offshore fields, up 4.2 per cent on year; and supply 6.02 billion cubic meters of natural gas, 300,000 tons of liquefied petroleum gas, 100,000 tons of condensate and 680,000 tons of fertilizer to industrial facilities.

 

PetroVietnam, a state-run oil and gas monopoly, will operate the country’s first oil refinery Dung Quat in 2009. (VNA, Liberated Saigon)