Business

Vietsopetro targets higher increase in revenues, profits

The Vietnam – Russia oil and gas exploration joint venture Vietsovpetro has set its production targets for 2017.
Vietsopetro targets higher increase in revenues, profits ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – The Vietnam – Russia oil and gas exploration joint ventureVietsovpetro has set its production targets for 2017.

It aims tofetch 1.9 billion USD in revenues, a year-on-year increase of 11.7 percent, andgross nearly 142 million USD in profits (for Vietnam) and 136 million USD (forRussia), representing a yearly rise of 12.6 percent and 12.3 percentrespectively.

The jointventure is expected to contribute 775 million USD to the Vietnamese Statebudget, up 13.4 percent.

GeneralDirector of Vietnam National Oil and Gas Group Nguyen Vu Truong Son saidVietsovpetro will maintain search and exploration activities to fulfill thisyear’s target of exploiting 5 million tonnes of oil.

To reduceproduction costs, the venture will seek to optimise technologies and improvefinancial, risk and business management.

Another taskis to train high-qualified engineers and experts to improve competitiveness, henoted.

GeneralDirector of Vietsovpetro Tu Thanh Nghia pointed to challenges that Vietsovpetrofaced in 2016, including decreasing natural resources in oil fields, thequickly degrading technological system, and lower global oil prices.

However,with the efforts of Vietnamese and Russian businesses, Vietsovpetro overcamethese challenges to fulfill and surpass most of its targets, he said.

Last year,Vietsovpetro realised the goal of exploiting 5.04 million tonnes of oil andbringing ashore about 1.68 billion cu.m. of gas (exceeding the yearly target by30 percent).

Totalrevenue reached nearly 1.7 billion USD, and State budget collection wasestimated at more than 683 million USD.

The Russianside earned profits of 121 million USD, and Vietnam nearly 126 million USD./.



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