Business

PetroVietnam targets 13.28 million tonnes of crude oil in 2017

The Vietnam National Oil and Gas Group (PetroVietnam or PVN) is striving to fulfil the target of exploiting 13.28 million tonnes of crude oil and 10.61 billion cu. m of gas in 2017, PVN Deputy Director Do Chi Thanh said at a conference in Hanoi on July 13.
PetroVietnam targets 13.28 million tonnes of crude oil in 2017 ảnh 1PetroVietnam targets 13.28 million tonnes of crude oil in 2017 (Photo: VNA)
Hanoi (VNA) – The Vietnam National Oiland Gas Group (PetroVietnam or PVN) is striving to fulfil the target ofexploiting 13.28 million tonnes of crude oil and 10.61 billion cu. m of gas in2017, PVN Deputy Director Do Chi Thanh said at a conference in Hanoi on July13.

He noted that in the first six months of 2017,the world oil prices stayed at a low level, affecting the group’s operation.

The PVN also encountered falling production at oiland gas fields as well as obstacles in financial and price mechanisms and taxpolicies, he added.

Oil and gas processing companies such as the Oiland Gas Fertilizer and Chemicals Corporation and the Ca Mau Oil and Gas FertilizerJoint Stock Company faced fierce competition from imported products, while oiland gas services companies suffered from decreased exploration and exploitationactivities, he said.

Despite the difficulties, the PVN has managed tosurpass all business production targets set by the Government by 2-19 percent,he said.

Deputy Minister of Industry and Trade Do ThangHai said PVN plays a crucial role in the economy and contributes over 10percent to the country’s gross domestic product (GDP).

He asked the PVN to focus all resources on oiland gas projects in the remaining months of 2017.

The ministry will coordinate with the PVN topropose adjustments to financial mechanisms and measures to remove bottlenecksfor the group.-VNA
VNA
#Vietnam National Oil and Gas Group #PetroVietnam #PVN #crude oil #gá #conference #oil prices #operation #production #financial mechanisms #tax policies #oil and gas processing companies
Follow VietnamPlus

Related News

See more

Prime Minister Pham Minh Chinh and Thai Prime Minister Paetongtarn Shinawatra witnessed the exchange of the MoU between the Ministry of Industry and Trade and Thailand's Central Group. (Photo: VNA)

MoIT, Thailand’s Central Group forge partnership to boost Vietnamese exports

The MoU, signed as part of Thai Prime Minister Paetongtarn Shinawatra’s official visit to Vietnam from May 15-16, was the result of extensive discussions between the two sides, aimed at enhancing the presence and competitiveness of Vietnamese products, particularly consumer goods, and agricultural and aquatic products.

Chu Lai Port welcomes the Chana Bhum, a Singapore-flagged vessel operated by RCL, marking the opening of the Chu Lai–India shipping route. (Photo: VNA)

Vietnamese firm, Thailand-based shipping line cooperate to launch Chu Lai - India direct call service

The direct call service helps cut transportation time, reduce costs, increase competitiveness by bypassing major transshipment ports in northern and southern Vietnam. At the same time, it opens up new trade opportunities, promotes logistics activities, develops supply chains, strengthens regional connectivity, and enhances the position of Chu Lai Port on the international maritime map.

Deputy Minister of Finance Cao Anh Tuan grants an interview to the Vietnam News Agency (VNA). (Photo: VNA)

Vietnam, US foster bilateral economic, financial cooperation

Strengthening the Vietnam - US economic and financial cooperation will open new avenues for collaboration and serve as a symbol of trust and a substantive Comprehensive Strategic Partnership for mutual prosperity, a Vietnamese official has said.

Ba Ria-Vung Tau seaport (Photo: VNA)

Resolution 68: A game-changer for Vietnam’s private sector

Beyond regulatory reform, Resolution 68 provides support policies for access to land, capital, and high-quality human resources, while also promoting digital transformation, innovation, sustainable development, and global value chain integration.

A booth at VietOffice 2024. The first VietOffice held in May last year was a success, generating positive results. (Photo: VNA)

VietOffice 2025 expected to attract 100 exhibitors

The event will see the participation of about 100 exhibitors from eight countries and territories, namerly India, Taiwan (China), China, the Republic of Korea, Japan, Hong Kong (China), the US, and Vietnam.

Illustrative image (Photo: VNA)

Exporters diversify orders to reduce reliance on single market

Facing the risks posed by trade barriers and potential reciprocal tariffs from the US, many businesses have proactively shifted their market strategies, stepped up trade promotion, and diversified their orders to reduce reliance on a single market.

A customer buys petrol at a station in Hanoi. (Photo: VNA)

Government proposes 2-pp VAT reduction on select goods and services until 2026

A 2-percentage-point reduction in the value-added tax (VAT) for goods and services will lead to a decrease in state revenue by approximately 121.74 trillion VND (over 4.69 billion USD) over the proposed period. This includes an estimated 39.54 trillion VND in the second half of 2025 and 82.2 trillion VND in 2026.

Illustrative photo (Photo: VNA)

Petrol prices up in latest adjustment

E5 RON92 petrol is now capped at 19,180 VND (0.74 USD) per litre, up 403 VND from the previous adjustment, while RON95-III petrol costs 19,594 VND per litre, up 415 VND.

Delegates at the groundbreaking ceremony. (Photo: VNA)

Ba Ria-Vung Tau: New phase of luxury resort project kicks off

The nearly 1 billion USD subdivision includes a system of 5-star hotels, resort villas, entertainment facilities, a casino, and an international convention and exhibition centre, with more than 6,000 rooms, serving over 18,000 guests at the same time.