Petrovietnam cuts down over 7tr dong investments

During the first four months this year, Vietnam National Oil and Gas Group (PetroVietnam-PVN) has suspended and relaxed the tempo of 56 projects totaling more than 7.25 trillion dong.

PetroVietnam’s total revenue in Jan-Apr was 205 trillion dong, rising 49 percent over the same period last year. Of which, its revenue from oil sale reached $3.7 billion.

PetroVietnam has signed three new oil and gas contracts in the domestic market with a total oil output at 7.97 million tons. The total crude oil sale reached 4.83 million tons, of which, crude oil supply for Dung Quat oil refinery was 1.66 million tones.

Also in Jan-Apr, PetroVietnam has provided 4.97 billion kWh of electricity to the national grid, rising 16.5 percent year on year. The group has also put into operations some generators of Nhon Trach 2 power plant, providing over 413 million kWh of electricity to the national grid.

PVN’s state budget payment in Jan-Apr was at 50.5 trillion dong, up 34.9 percent y-o-y.

In the period, PetroVietnam’s investments reached over 30 trillion dong, or 23 percent of the year’s plan. PVN also began construction on eight new projects, inaugurated and put into operations for 14 works. The group reviewed and suspended 12 projects and relaxed the tempo of 44 investment projects totaled at over 7.25 trillion dong.

In May, the group will check and supervise the operation of Dung Quat oil refinery, Phu My fertilizer plant and gas transportation system. PetroVietnam said it will cooperate with Electricity of Vietnam (EVN) in the operation, mobilization and maintenance of plants to ensure the power supply for the country. – Vietbiz24

Posted by VBN on May 7 2011. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry