PetroVietnam expects to earn $6b from oil sales

Vietnam National Oil and Gas Group (PetroVietnam) estimates to reach total revenues of 340 trillion dong during the first six months of 2011, fulfilling 68% of the year’s plan and growing by 45% year on year. In which, the revenues earned from oil sales is expected to be $5.8 billion, up 34% against one year earlier.
The group supplied around 4.5 billion cubic meters of dry gas to domestic households, and contributed 7.1 billion kWh to the national grid.

All affiliates of PetroVietnam have completed business and production plans and reached the high growth rate compared with the same period of 2010, particularly PV Oil and Petec are facing many difficulties in operation because current petrol prices in Vietnam are lower than the import cost.

At the time being, the group has kicked off work on 10 new projects, put 17 works into operation and suspended 12 projects, extended the progress of 44 investment projects with total value of more than 7.25 trillion dong.

In the last half, PVN expects average oil price stands at $110 a barrel so that it plans to reach 300 trillion dong in total revenues ($5.8 billion and 178 trillion dong) and pay 63.4 trillion dong to the state budget. – Vietbiz24

Tags: PetroVietnam

Posted by VBN on Jun 15 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