PetroVietnam sets $23 billion target

PetroVietnam Group announced a target of VND486 trillion ($23.1 billion) in revenue this year, in an online press conference yesterday.

At conference sites in Hanoi, Ho Chi Minh City, Ba Ria-Vung Tau and Quang Ngai, the group said that its revenue would come from crude oil, gas, power, fertiliser, petroleum, chemical products and other services, and it expected to contribute VND101 trillion ($4.8 billion) to the state budget this year.

Among its products, Petrovietnam planned to churn out 15 million tonnes of crude oil and 8.2 billion cubic metres of gas this year.

To realise these objectives, the group would further restructure its organisation and its member companies; remodel management; develop human resources; apply advanced technologies; boost oil and gas exploration locally and abroad and make bold investments, said Le Minh Hong, the group’s deputy director general.

Dinh La Thang, the group chairman said: “PetroVietnam needs a total investment capital of $5-6 billion this year, 30 per cent of which will come from its ownership capital and the remainder from equitisation, initial public offerings by its members and commercial loans among others.”

This year it will officially start the construction of the Vietnam Oil and Gas University, the first such institute in the country.

Petrovietnam also mapped out a five-year plan from 2011-15 with a combined revenue estimated at VND3,040 trillion ($152 billion), VND650 trillion (nearly $32.5 billion) of which will go to state coffers.

It anticipates to produce about 90 million tonnes of crude oil and more than 51 billion cubic metres of gas over the next five years.

Last year, it turned over VND478 trillion ($23.9 billion), a year-on-year increase of 59 per cent.

“Oil and gas services contributed around VND152 trillion, making up 32 per cent of the total turnover,” Hong said.

“The commencement of operations at the country’s first oil refinery in Dung Quat and a polypropylene factory last year marked a significant milestone for the oil and gas industry’s development and completed a comprehensive model from exploring and exploiting to processing final products,” he added. – VIR

Tags: PetroVietnam