PetroVietnam to Raise Registered Capital to VND500T by 2015

The state-owned Vietnam Oil and Gas Group (PetroVietnam) plans to raise its registered capital to VND500 trillion (US$26.315 billion) by 2015, the government of Vietnam said.

The group expects its revenues to rise between 20% and 25% per year during the period.

Its equity soared 140% to nearly VND183 trillion in 2009 and its revenues rose 25.85% on year to VND23.79 trillion during the year.

The group earned a pretax profit of VND38.65 trillion in the 2008-2009 period.

This year, PetroVietnam targets to produce 15 million tons of crude oil and eight billion cubic meters of natural gas, export 9.43 million tons of crude oil and earn revenues of VND329 trillion.

The group plans to pour VND110.5 trillion into its projects this year, up 67.42% on year.

Tags: PetroVietnam