PetroVietnam to Raise Investment in Oil Refining to US$19B by 2015

The state-owned Vietnam Oil and Gas Group (PetroVietnam) plans to raise the investment in oil refining and processing to US$19 billion by 2015, the VNDirect Securities Company said on February 22.
PetroVietnam to Raise Investment in Oil Refining to US$19B by 2015
The securities firm is very upbeat about operation prospects of companies operating in oil and gas industry this year due to rising demand for oilrigs and oil and gas services, particularly PetroVietnam Drilling & Well Services Joint Stock Co., or PV Drilling, (PVD:HOSE) and Petroleum Technical Services Corporation (PVS:HNX).
PVD’s revenues are expected to rise 30% and earning per share (EPS) to grow 14% this year, the securities company said.
Meanwhile, the securities firm is optimistic that PVS’s revenues will increase by 20% and EPS will rise 17% in 2010.
This year, PetroVietnam targets to produce 15 million tons of crude oil, eight billion cubic meters of natural gas, export 9.43 million tons of crude oil and earn revenues of VND329 trillion (US$17.225 billion).
The group plans to pour VND110.5 trillion into its projects this year, up 67.42% from a year earlier.
In 2009, PVD’s net profit in 2009 fell 9.7% on year to VND842.2 billion (US$44.094 million) while revenues rose 9.9% on year to VND4.096 trillion in the year. The full-year earnings per share was VND6,179.
Meanwhile, PVS made a net profit of VND526.096 billion in 2009, down 2.1% on year. Net revenues rose 23.5% to VND10.705 trillion in the year and the full-year earnings per share was VND2,985.
The corporation targets a pretax profit of VND600 billion on revenues of VND12.5 trillion and payment of VND718 billion in taxes to the state budget in 2010. (VNDirect Securities)

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Posted by VBN on Feb 26 2010. 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

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