The Vietnam Oil and Gas Group (PetroVietnam) reached all targets inproduction and business for the first half of this year, according tothe group's press release on July 21.
The group said it producedtotally 13.87 million tonnes of crude oil and gas in the first half ofthis year, 11.4 percent higher than its target, including 5.39 milliontonnes of gas and 8.48 million of crude oil used at home and abroad.
It produced 2.46 million tonnes of petrol and oil, an increase of 16 percent compared with its target for the first half.
PetroVietnamincreased 16.4 percent in its total revenue for the first six months ofthis year to 380 trillion VND (18 billion USD) against its target, or57 percent of the Government's expectation.
Increase of crude oilvolume from some fields at home did not reach its target, saidPetroVietnam, adding that instability in the East Sea, slow recovery ofmany economic sectors and pressure on capital for existing projectswould be challenges for the group in the coming months.
Therefore,in the second half of this year, the group would promote production andbusiness, continue its restructuring plan – including withdrawal ofcapital from non-core businesses, equitisation and adjustment of itsdevelopment strategy by 2015 and towards 2035.
It would continue to develop consumption markets for new products, including fibre and bio fuel.
Thisyear, the group planned to produce 26.63 million tonnes of crude oiland gas, including 16.83 million tonnes of crude oil, produce 4.76million tonnes of petrol and oil products and need 100 trillion VND(4.74 billion USD) in capital for implementing its projects.
PetroVietnamexpected to gain a year-on-year increase of 6.8 percent in its totalrevenue to 673.3 trillion VND (31.91 billion USD) for this year.-VNA
The group said it producedtotally 13.87 million tonnes of crude oil and gas in the first half ofthis year, 11.4 percent higher than its target, including 5.39 milliontonnes of gas and 8.48 million of crude oil used at home and abroad.
It produced 2.46 million tonnes of petrol and oil, an increase of 16 percent compared with its target for the first half.
PetroVietnamincreased 16.4 percent in its total revenue for the first six months ofthis year to 380 trillion VND (18 billion USD) against its target, or57 percent of the Government's expectation.
Increase of crude oilvolume from some fields at home did not reach its target, saidPetroVietnam, adding that instability in the East Sea, slow recovery ofmany economic sectors and pressure on capital for existing projectswould be challenges for the group in the coming months.
Therefore,in the second half of this year, the group would promote production andbusiness, continue its restructuring plan – including withdrawal ofcapital from non-core businesses, equitisation and adjustment of itsdevelopment strategy by 2015 and towards 2035.
It would continue to develop consumption markets for new products, including fibre and bio fuel.
Thisyear, the group planned to produce 26.63 million tonnes of crude oiland gas, including 16.83 million tonnes of crude oil, produce 4.76million tonnes of petrol and oil products and need 100 trillion VND(4.74 billion USD) in capital for implementing its projects.
PetroVietnamexpected to gain a year-on-year increase of 6.8 percent in its totalrevenue to 673.3 trillion VND (31.91 billion USD) for this year.-VNA
