The Vietnam-Russia oil and gas joint venture Vietsovpetro has announced that its revenues from the sale of crude oil exceeded 5.6 billion USD in 2011.

The figure was 57.6 percent higher than the target set for the whole year and 1.68 billion USD higher than its earnings recorded in 2010, Vietsovpetro General Director Nguyen Van Tuyen said at a conference in Hanoi on Jan. 10.

Of the total sum, the Vietnamese side made contribution to the state budget and profit of 3.55 billion USD, while the Russian partner’s profit surpassed 580 million USD.

Tuyen stressed that the figures marked the second highest revenues and profits in history of Vietsovpetro, only behind 2008.

In the year, Vietsovpetro exploited about 6.4 million tonnes of crude oil, 90,000 tonnes higher than the yearly plan.

For 2012, Vietsovpetro has set a target of pumping up at least 6.14 million tonnes of crude oil, bringing in total revenues of 4.14 billion USD./.