PetroVietnam expects revenue growth to slow this year

Vietnam Oil & Gas Group, the state- owned oil producer, expects revenue growth to slow to 1.6% this year as output declines.

Revenue may reach 486 trillion dong ($24.9 billion), the Hanoi-based company said in an e-mailed statement today. Sales jumped 59% to 478.4 trillion dong last year, exceeding the company’s target.

PetroVietnam’s 2011 crude production may fall to 15 million metric tons from 15.01 million tons last year, the company said. Condensate output may decline to 8.2 billion cubic meters from 9.4 billion cubic meters in 2010, according to the statement.

The oil producer plans to start up four new fields this year to bolster output. In 2010, PetroVietnam began production at five new fields, including one in Malaysia and one in Russia, the statement shows.

The company aims to more than double the cumulative revenue for 2011-2015 to 3,040 trillion dong from the previous five years, according to the statement.

PetroVietnam, the owner of Dung Quat, the nation’s only refinery, said the plant may post a profit of 550 billion dong on revenue of 77 trillion dong this year, the company said in a separate e-mailed statement.

In 2010, revenue at the refinery in the central province of Quang Ngai reached 60 trillion dong while net income exceeded 237 billion dong. PetroVietnam and a group of foreign partners are working on plans to expand and upgrade the refinery by 2016. – BLoomberg

Tags: PetroVietnam

Posted by VBN on Jan 5 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