PetroVietnam targets US$25b earnings in 2011

President Nguyen Minh Triet was full of praise for PetroVietnam’s achievements gained in 2010, with the company earning total revenue of VND478.4 trillion (US$ 24.53 billion), accounting for 24 per cent of the country’s GDP.

Speaking at a launch of PetroVietnam’s 2011 plan in the capital city yesterday, Triet spoke highly of its considerable contributions to the national economy and the commissioning of the Dung Quat Oil Refinery in 2010.

He also took the occasion to express Viet Nam’s special thanks to the Russian experts who worked side by side with Vietnamese experts and workers.

“The oil and gas industry has been and will always be a pivotal industry in Viet Nam’s economy,” said Triet.

He asked PetroVietnam to continue enhancing its strength in order to retain its role as a driving force of the economy.

He also urged its leaders and workers to expand co-operation with Russia and other oil and gas powers in the near future.

On behalf of the Party and Government, Triet presented the Friendship Order and Labour Order to seven units and individuals who had excelled in business and production.

Minister of Industry and Trade Vu Huy Hoang presented PetroVietnam and 12 units with Emulation Flags acknowledging their outstanding achievements in the patriotic role model movement in 2010.

Hoang also presented Certificates of Merit to more than 40 innovations that had helped save more than $271 million for PetroVietnam.

The corporation has set five targets for 2011, including increasing oil reserves to 30-35 million tonnes; extracting 15 million tonnes of crude oil and 8.2 billion cubic metres of gas; producing 12.3 billion kWh of electricity, 740,000 tonnes of fertiliser and 5.6 million tonnes of petrol and diesel of different types; increasing the oil and gas servicing by 20 per cent; and achieving total revenue of VND486 trillion ($24.92 billion).

The Deputy Minister of Education and Training, Bui Van Ga, yesterday also announced the beginning of work on the PetroVietnam University (PVU), situated in Vinh Yen City, Vinh Phuc Province, some 60km northwest of Ha Noi.

The PVU is affiliated to PetroVietnam. — VNS

Tags: PetroVietnam