ASIA: PetroVietnam earnings gush to all-time high

ASIA: PetroVietnam earnings gush to all-time high
The PetroVietnam reported all-time record revenues last year, partly fuelled by higher than expected earnings from services, and planned to secure a 15 percent growth rate this year in a press conference on January 21 in Ha Noi.

¨PetroVietnam notched up total revenues of 213.4 trillion VND (13.3 billion USD) last year, up 18.4 percent from a year earlier, and it was the first time that the group reached revenues surpassing the significant milestone of 200 trillion VND,” said group deputy general director Le Minh Hong.

Of the total revenue, about 8.8 billion USD came from exporting 15.7 million tones of crude oil. This was a record figure on the bank of sky-rocking oil prices on the global market.

However, export volumes remained lower than earlier expected as its output merely remained at 15.9 million tones of crude. The group had earlier estimated it would exploit up to 17.5 million tonnes, according to Hong.

Hong also stressed PetroVietnam’s tremendous growth in revenue from services, which hit roughly 50 trillion VND (3.1 billion USD) last year, double the figure of the previous year. Services include technical services, finance, and insurance, among others.

The group signed 13 oil and gas exploitation contracts, three of which were for exploitation abroad, in 2007.

It paid nearly 86 trillion VND (5.3 billion USD) into the State Budget, a year-on-year increase of 7.4 percent, and accounting for around 30 percent of total State revenues, Hong said.

To reach 15 percent growth in revenue this year, PetroVietnam planned to exploit and yield some 16 million tones of crude oil from exploitation in Viet Nam and abroad.

PetroVietnam general director Tran Ngoc Canh admitted that crude oil yields abroad, at just over 100,000 tonnes last year, were lower than expectations.

To secure sustainable growth and energy security, the group would not only warrantee exploiting oil and gas effectively at home but also strive to expand exploitation in oil fields abroad with 2-3 contracts anticipated to be inked this year, Canh said.

The group has managed to land oil and gas exploitation deals in Malaysia, Indonesia, Azerbaijan, Kazakista, Iran, and Venezuela, Canh said.

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