PVN reschedules many projects in Q1

The Vietnam National Oil and Gas Corporation (PVN) has put on hold 19 projects while progressing work on 45 of their projects, worth a total of about VND6.6 trillion in the first quarter of 2011.

The 19 projects placed on hold were worth VND582billion and the 45 on-going projects are worth VND6trillion.

The state-owned group also started eight projects and inaugurated 14 new ones.

This was disclosed at an online press briefing on April 6 to report the results of the group’s business and production activities in the first quarter.

PVN has exceeded some major targets set for the first quarter. The group’s total revenues reached VND151.2 trillion, equal to 119.3 percent of the set target and a 59.4 percent increase on a year-on-year basis.

PVN contributed VND36.5 trillion to the state budget, representing 123.8 percent of the plan and an increase of 35 percent over the same period of last year. – SGGP

Tags: PetroVietnam