President Truong Tan Sang has praised the efforts of more than 50,000 staff at the Vietnam National Oil and Gas Group (PVN) in fueling national economic development and contributing to fulfilling national defence and external relations tasks.

Paying a New Year visit to the group on February 10, the leader said after 40 years of operation, the group has rightfully sealed its position as the country’s top business, with 35 billion USD in capital and expanding cooperation with international partners.

He urged PVN to step up the equitisation of a number of areas to mobilise capital and broaden its business.

He said the firm should focus on boosting maritime economy, completing the key refinery projects of Nghi Son in the central province of Thanh Hoa , Dung Quat in the central province of Quang Ngai and Long Son in the southern province of Ba Ria-Vung Tau .

Wishing PVN a good Year of the Horse, President Sang asked its staff to enhance their capacity, while continuing the implementation of the Party Central Committee’s resolution on Party building and the Politburo’s directive on studying and following the moral example of President Ho Chi Minh.

According to a PVN report, last year, despite the global and domestic economic downturn, the group recorded revenue of nearly 763 trillion VND (35.86 billion USD), surpassing its yearly target by 18 percent and contributing 195.4 trillion VND (9.18 billion USD) to the state budget.

In 2014, PVN will strive for 16.8 million tonnes of crude oil and 9.8 billion cubic metres of gas. It is also targeting 673.3 trillion VND (31.64 billion USD) in revenue in the whole year, said the report.-VNA