PetroVietnam Achieves 76 Percent Growth in Revenue

The Vietnam National Oil and Gas Group (PetroVietnam) notched up a total revenue of nearly US$5 billion in the first quarter of this year, an impressive growth of 76 percent compared with the same period last year.

PetroVietnam’s deputy director general, Le Minh Hong, attributed the good performance to rising crude oil prices in the global market and continuous growth earnings from its oil and gas services, finance, insurance and construction.

The cost of crude oil in the first quarter this year averaged at US$79 per barrel, US$35 higher than the corresponding period last year.

PetroVietnam contributed about US$1.4 billion to the state budget during the period, a year-on-year increase of 35 percent.

It also invested US$894.7 million in projects including the Hua Na power plant, Lot B O Mon gas pipeline, bio-ethanol factories and other projects related to oil and gas exploitation.

To ensure national energy security, the group plans to exploit 14.4 million tonnes of crude oil in Vietnam and 600,000 tonnes from abroad (through oil and gas shared product contracts with foreign partners such as Malaysia and Venezuela).

However, Dung Quat would consume five million tonnes of crude oil and the remainder would be for export.

PetroVietnam has enhanced clean fuel production such as bio-ethanol. It has built three bio-ethanol factories in the provinces of Phu Tho, Quang Ngai and Binh Phuoc. Each mill has an average capacity of 100 million liters per year./.

Tags: Petro Vietnam, Vietnam oil and gas