Vietsovpetro targets 1.38 billion USD in revenue in 2020
The Vietnam-Russia oil and gas joint venture Vietsovpetro has planned to earn 1.38 billion USD in revenue in 2020.
The BK-20 rig belonging to the Bach Ho oilfield. (Photo: VNA)Ba Ria – Vung Tau (VNA) - The Vietnam-Russia oil and gas joint venture Vietsovpetro has planned to earn 1.38 billion USD in revenue in 2020.
Speaking at a conference on January 3 to review its operations in 2019 and set out orientations and tasks for 2020, leaders of the joint venture said the Vietnamese side is hoped to gain 102 million USD in profit, while the Russian side, 98 million USD.
The firm is expected to contribute 630 million USD to the State budget this year.
At the 52nd meeting of the Vietsopetro Council, the two sides set a goal to produce 3.12 million tonnes of oil and 70.4 million cu.m of natural gas in 2020.
In 2019, Vietsovpetro put two oil rigs into operation, meeting its target to expand exploitation areas.
Thanks its efforts, the joint venture’s oil output increased over 236,000 tonnes.
Vietsovpetro raked in 1.79 billion USD from oil sales in the year, equivalent to 112.4 percent of the set plan.
It earned 446.4 million USD in profits and contributed over 1.15 billion USD to the State budget./.
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