PetroVietnam expects revenue growth to slow

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Vietnam Oil & Gas Group, the state-owned oil producer, expects revenue growth to slow to 1.6 percent this year as output declines.

Revenue may reach VND486 trillion (US$24.9 billion), the Hanoi-based company said in an e-mailed statement on Tuesday. Sales jumped 59 percent to VND478.4 trillion last year, exceeding the company's target.

PetroVietnam's 2011 crude production may fall to 15 million tons from 15.01 million tons last year, the company said.

The oil producer plans to start work in four new fields this year to bolster output. In 2010, PetroVietnam began production at five new fields, including one in Malaysia and one in Russia, the statement shows.

The company aims to more than double the cumulative revenue for 2011-2015 to VND3,040 trillion from the previous five years, according to the statement.

PetroVietnam, the owner of Dung Quat, the nation's only refinery, said the plant may post a profit of VND550 billion on revenue of VND77 trillion this year, the company said in a separate e-mailed statement.

In 2010, revenue at the refinery in the central province of Quang Ngai reached VND60 trillion. PetroVietnam and a group of foreign partners are working on plans to expand and upgrade the refinery by 2016.

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