1:54:31 PM | 5/11/2008
Vietnamese Prime Minister Nguyen Tan Dung has recently approved setup of oil and gas exploration fund which will be managed by state-owned oil monopoly PetroVietnam group, the government said on its website.
The fund is aimed at providing financial support and compensating for losses due to risks emerged from oil and gas exploration and appraisal in Vietnam and abroad, the government said.
PetroVietnam will set aside a maximum of 10 per cent of its post-tax profits for the fund annually, according to the government.
PetroVietnam has so far poured more than US$226 million into 21 projects overseas, with nearly 90 per cent of the investment going to development and exploitation and the rest to exploration, mainly in Myanmar, Cambodia, Egypt, Tunisia, India, Angola, and Cameroon.
The group has obtained US$29 billion from its exports between 2006 and 2008.
This year, PetroVietnam targets revenues of VND316.4 trillion (US$19.175 billion) and contributes VND113 trillion (US$6.848 billion) to the state coffer. (Vietnam Law)
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