PetroVietnam targets stronger growth

The achievements of the Viet Nam National Oil and Gas Group (PetroVietnam) in the 35 years since it was established have made it one of the country’s leading economic groups and helped it keep pace with other big petroleum corporations in the region and throughout the world.

These comments were in a letter from Prime Minister Nguyen Tan Dung to congratulate PetroVietnam on its 35 years of construction and development yesterday.

Dung wrote that employers and employees of the industry had attempted to overcome many difficulties and hardships to successfully implement the tasks assigned by the Party and State and contribute to the nation’s achievements.

He said the organisation had developed rapidly and comprehensively in the areas of exploration, exploitation, transportation, and export and had developed many important technologies.

PetroVietnam had also actively protected national sovereignty, boundaries and social welfare, he wrote.

General Director of PetroVietnam Phung Dinh Thuc said Viet Nam ranked third in Southeast Asia in crude oil production with 15-17 million tonnes of oil and 8-10 billion cubic metres of gas each year.

PetroVietnam currently contributes around 20-30 per cent of the total State budget revenue and 18-20 per cent to GDP thanks to an average growth rate of nearly 20 per cent annually, according to Thuc.

The group also managed to increase its business through 49 investment agreements with a number of countries across the world, of which 22 contracts have been implemented in 13 countries.

PVN Chairman Dinh La Thang said the group had taken measures on human resources, science and technology and management of work to reach its target of becoming a strong economic corporation with an average growth rate of 18-20 per cent per year in the period of 2010-15. — VNS

Tags: PetroVietnam, Vietnam companies, Vietnam enterprises