Vietsovpetro revenue drops 28 percent
Russia and Vietnam’s oil and gas exploration joint venture Vietsovpetro has exploited five million tonnes of crude oil in 2016.
Illustrative photo (Photo: VNA)Hanoi (VNA) - Russia and Vietnam’s
oil and gas exploration joint venture Vietsovpetro has exploited five million
tonnes of crude oil in 2016.
This generated yearly revenue of more than 1.7 billion USD, a slump of 28 percent year-on-year.
The company contributed over 680 million USD to the State Budget, some 300 million USD less than last year.
The Russian partner posted profit of 121 million USD, while the Vietnam side made profit of nearly 126 million USD, a year-on-year decrease of 71 percent for both sides against last year.
According to Vietsovpetro, the main reason for this year’s decline in production was due to the lower oil price. The average oil price this year stands at 45 USD per barrel, 9 USD less than in 2015. In addition, the oil reserve in existing mines also continues to decline gradually.
In 2016, Vietsopetro pumped ashore some 1.68 billion cu.m. of gas, representing 130 percent of the yearly plan, bringing the total amount of gas shipped ashore, so far, to over 30.9 billion cu.m.-VNA
This generated yearly revenue of more than 1.7 billion USD, a slump of 28 percent year-on-year.
The company contributed over 680 million USD to the State Budget, some 300 million USD less than last year.
The Russian partner posted profit of 121 million USD, while the Vietnam side made profit of nearly 126 million USD, a year-on-year decrease of 71 percent for both sides against last year.
According to Vietsovpetro, the main reason for this year’s decline in production was due to the lower oil price. The average oil price this year stands at 45 USD per barrel, 9 USD less than in 2015. In addition, the oil reserve in existing mines also continues to decline gradually.
In 2016, Vietsopetro pumped ashore some 1.68 billion cu.m. of gas, representing 130 percent of the yearly plan, bringing the total amount of gas shipped ashore, so far, to over 30.9 billion cu.m.-VNA
You should also see
Semiconductor workforce development a breakthrough: PM
Human resources development in semiconductors should be considered a breakthrough in personnel training, Prime Minister Pham Minh Chinh said at a conference in Hanoi on April 24.
See more
Business
Tra fish export to UAE jumps 67% in Q1
Vietnam’s tra fish export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year, according to statistics of the General Department of Customs.
Business
Vietnam seeks to remove obstacles in upgrade of securities market
The State Securities Commission of Vietnam (SSC) recently held an online working session with the World Bank (WB) and the Asia Securities Industry and Financial Markets Association (ASIFMA) to discuss ways to remove obstacles related to criteria for upgrading the Vietnamese securities market.
Business
Ca Mau: Conference connects Vietnamese, Chinese firms
A networking conference was held in the Mekong Delta province of Ca Mau on April 24, in a bid to connect 54 local enterprises, mostly operating in the seafood sector, to their Chinese peers.
Business
Mining Vietnam 2024 opens in Hanoi
The 6th International Mining and Minerals Recovery Exhibition for Vietnam (Mining Vietnam 2024) kicked off in Hanoi on April 24.
Business
Standard Chartered revises down Vietnam’s GDP growth forecast in 2024 to 6%
Standard Chartered Bank has lowered Vietnam’s GDP growth forecast in 2024 to 6% from the previous 6.7% due to lower-than-expected Q1 growth and global trade headwinds.
