PetroVietnam posts high profit

September 28, 2011 | 14:32

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PetroVietnam has reported a profit of VND22.6 trillion ($1.1 billion) in the first eight months of this year, according to newly appointed general director Phung Dinh Thuc.

Thuc said that revenues reached VND436 trillion, an increase of 47 per cent against last year, contributing VND109 trillion to the state budget.

It is expected that PetroVietnam will contribute between VND55 trillion and VND155 trillion, to the state coffer for the year.

In addition, the PetroVietnam has set a target of exploiting 15 million tonnes of crude oil and 8 billion cu.m of gas.

Thuc said that surveys and exploitation would be the core of PetroVietnam operations this year, adding that domestic and international activities be enhanced. Apart from traditional markets, PetroVietnam plans to explore markets in Russia, Uzbekistan, Azerbaizan, Kazakhstan and Latin America.

Oil exploitation projects in Russia this year was expected to reach an output of 1.5 million tonnes on 49 per cent investment capital received from Vietnam. Project output is expected to increase to 2.2 million tonnes next year.

The PetroVietnam has also conducted a series of investment conferences in Japan , the Republic of Korea and the US with foreign investors showing interest in PetroVietnam projects by purchasing stakes in its member companies.

The development of large-scale PetroVietnam electricity projects requires sufficient finances, costing around $1.5 billion per 1,200MW power project.

The group has called on equipment suppliers to join in arranging investment capital and attracting investors, Thuc said.