Petro firm to boost output

The Viet Nam National Oil and Gas Group (PetroVietnam) has submitted a plan to the Government to raise annual capacity of the US$3 billion-invested Dung Quat Oil Refinery from 6.5 million tonnes of crude oil to 10 million, according to the group general director Phung Dinh Thuc.

He made the statement at a press conference in Ha Noi yesterday, June 9. Dung Quat Oil Refinery, the most modern industrial plant in Viet Nam, had generated around 1,000 jobs and employed 141 highly-qualified foreign experts, he added.

PetroVietnam reported its business results at the conference. In the first five months of this year, it earned a total revenue of VND175.8 trillion ($9.25 billion), up 84 per cent over the same period last year. Of total revenue, $3.65 billion came from the export of 3.9 million of crude oil, a 35 per cent increase on last year.

It paid about VND46.7 trillion ($2.46 billion) to the State budget, up 48 per cent against the corresponding time last year.

The group churned out 6 million tonnes of crude oil during the period, of which 2 million was supplied to Dung Quat Oil Refinery as well as 3.98 billion cubic metres of gas.

PetroVietnam also provided 3.86 billion cubic metres of gas for households, generating 5.4 billion kWh of electricity and producing 327,000 tonnes of fertiliser.

It is expected that the total oil output in the first six months of 2010 would amount to about 7.2 million tonnes of crude oil, and 4.65 billion cubic metres of gas.

The group expected to earn a total revenue of VND205.8 trillion ($10.83 billion) in the first half of the year, up 30.7 per cent from a year earlier, said Le Minh Hong, deputy director general of PetroVietnam.

Hong said he hoped that PetroVietnam would see earnings of VND401 trillion ($21.1 billion) by the end of this year, and expected to pay about VND110.7 trillion ($5.8 billion) to the State budget.

He said the group had discovered new oil and gas reserves, signed four oil and gas contracts locally and abroad and reached co-operation agreements with oil and gas corporations from Uzbekistan, the US, Azerbaijan and Russia.

On Sunday, the group will officially receive the Gold Star Order, the highest honour granted by the Party and the State as the country’s leading economic group, providing 28-30 per cent of the total State budget every year.

Viet Nam News

Tags: PetroVietnam