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PetroVietnam targets 18.2 billion USD in revenue in last 6 months

The Vietnam Oil and Gas Group (PetroVietnam) targets nearly 383 trillion VND (18.2 billion USD) in revenue during the last six months of 2015, paying 87 trillion VND (4.1 billion USD) to the State coffer.
The Vietnam Oil and Gas Group (PetroVietnam) targets nearly 383 trillionVND (18.2 billion USD) in revenue during the last six months of 2015,paying 87 trillion VND (4.1 billion USD) to the State coffer.

According to the first half yearreport, PetroVietnam’s revenue totalled 296.1 trillion VND (14.1 billionUSD), paying 63.6 trillion VND (three billion USD) in tax andaccomplishing 41 percent of its yearly target.

The groupexploited 14.71 million tonnes of gas and oil in the first half of theyear, 8.5 percent higher than its target for the period and representingan annual increase of 6.1 percent.

Of thefigure, crude oil output amounted to 9.28 million tonnes while that ofgas hit 5.43 billion cubic metres, 10.1 percent and 5.8 percent abovethe half year target, respectively.

Other manufacturingand supply fields including electricity, fertilisers, fibre and petrolall saw high growth of between 36 and 41 percent compared to the sameperiod last year.

During the period, the group put intooperation the Vung Ang 1 thermoelectricity plant and commencedconstruction on several projects such as the Song Hau 1thermoelectricity plant, an oil and gas service port and a national oiland gas storage facility in Phu Quoc Island.

Thegroup intends to expand its explorations of new oil fields to boostcrude oil reserves to 35-40 million tonnes, optimise ongoing projectsand continue structural reforms approved by the Prime Minister.

PetroVietnam will also conduct portfolio classificationsand give priority to urgent initiatives or important projects in 2015.-VNA
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