PetroVietnam plans revenue of 660tr dong in 2012

Vietnam National Oil and Gas Group or PetroVietnam (PVN) targets to reach total revenue of 660 trillion dong, and oil and gas drilling volume of 24.81 million tons in 2012.
Last year the group reported gaining total revenue of 675.3 trillion dong, surpassing 35% of the year’s plan and increasing by 41% year on year. The parent company alone made 320.6 trillion dong, growing 28% against 2010.

PVN raised the petroleum reserve to 35.3 million tons, equaling to 101% of the plan. It also signed 6 domestic contracts and one overseas agreement in petroleum field. Also, three new oil and gas wells were discovered.

Total oil and gas output of PVN in 2011 achieved 23.91 million tons, including 15.21 million tons of oil and 8.70 billion cubic meters of gas. The group also produced and provided 13.35 billion kWh to the national electricity grid, and produced 799,000 tons of urea fertilizer.

Phung Dinh Thuc—Chairman of PVN said that last year the investment value of the group fulfilled 73% of the year’s plan to 90 trillion dong. PVN disbursed over 82 trillion dong, meeting 83% of the target.

The national oil and gas group carried out five projects in coal-fed thermo power source, namely Thai Binh and Vung Ang which will use domestic coal and three remaining plants in the south will use imported coal at market price.

PVN also plans to basically divest whole non-core investment capital and equitize member companies. Accordingly, the group will not continue joining investment project of PVN Tower in Hanoi that may be handed over to another company.

PVGas, an affiliate of PetroVietnam, particularly is seeking strategic partners with suitable price and time. – Vietbiz24

Tags: PetroVietnam

Posted by VBN on Jan 18 2012. 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