Oil giant completes trifecta of business targets

October 12, 2011 | 14:00

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The national oil and gas group, PetroVietnam, earned a total revenue of VND493 trillion in the past nine months of the year, reported its deputy general director Le Minh Hong at a meeting on October 11.

Hong said the group has completed three business goals for the year ahead of schedule. These targets are related to revenue, contributions to the state budget and increases in oil and gas reserves.

Gross revenue is now equivalent to 98 per cent of PetroVietnam’s yearly target and will likely reach its goal later this month.

So far this year, the group’s contribution to the State budget totaled VND16 trillion, a surge of 14 per cent over its target for the whole year.

Hong also said the group has disbursed nearly VND60 trillion and postponed and rescheduled 56 projects worth VND7.25 trillion.

PetroVietnam’s general director, Do Van Hau, said to help ensure national energy and food security, the group will maintain safe operation of the oil and gas pipeline system, the Dung Quat oil refinery, Ca Mau 1,2 and Nhon Trach 1 power plants and the Phu My fertiliser plant.

He also said the group has cooperated with foreign partners to explore and exploit oil and gas overseas, with projects deployed in 13 countries, including Russia, Nigeria, Malaysia and Venezuela.

VIR/VNA

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