PetroVietnam revenue declines over 28 pct amid oil slump

Thanh Nien News

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 A file photo of PetroVietnam oil rigs off the southern beach town of Vung Tau. Photo credit: VNA
PetroVietnam's revenues fell by 28.1 percent year-on-year to VND215.6 trillion (US$9.53 billion) in the first half of this year amid the global oil slump.
That was equivalent to 84 percent of its target though output was 8.2 percent higher than targeted at 14.57 million tons, news website VnEconomy said.
Crude prices averaged $40.5 per barrel in the first half, down 33.4 percent year-on-year, PetroVietnam was quoted as saying.
But it expected the price to pick up to an average of $45-50 in the second half year, taking its revenue to VND514.5 trillion ($22.75 billion) this year, the website reported.
PetroVietnam's revenues fell by 25 percent to VND560 trillion ($24.77 billion) last year.


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