Petrovietnam leads SoEs in money recovered from overseas investment
The Vietnam Oil and Gas Group (Petrovietnam) recovered 2.9 billion USD from overseas investments last year, topping State-owned enterprises (SoEs) in this regard, reported the Ministry of Finance (MoF).
Petrovietnam General Director Le Manh Hung visits the site of Rusvietpetro's oil and gas exploration and exploitation project in Russia. (Photo: VietnamPlus)
Hanoi (VNA) – The Vietnam Oil and Gas Group (Petrovietnam) recovered 2.9 bi😼llion USD from overseas investments last year, topping State-owned enterprises (SoEs) in this regard, reported the Ministry of Finance (MoF).
Petrovietnam said that on behalf of the Government, Minister of Finance Ho Duc Phoc recently submitted a report on the investment, management, and use of State capital at enterprises to the National Assembly.
Accounting for 71.09% of the total capital recovered from overseas investments by SoEs in 2022, the sum of Petrovietnam consisted of over 1.1 billion USD in profit, 549.12 million USD in principal and interest from loans given to shareholders, and more than 1.17 billion USD from other sources, according to the report.
With 1.1 billion USD in profit transferred to the country, Petrovietnam also made up the majority of the 1.9 billion USD profit that SoEs earned from investment projects abroad.
The report noted that many of the overseas projects saw revenue increases, but their profit still declined due to inefficient use of capital.
The oil and gas exploration and exploitation project of Petrovietnam in Russia’s Nenetsky autonomous region was among the few with good efficiency, revenue, and capital recovery. The project is carried out by Rusvietpetro, a joint venture set up in 2008 of Petrovietnam and Russia’s Zarubezhneft. Rusvietpetro is assessed as one of the most profitable joint ventures of Petrovietnam abroad.
According to the Government’s report, 30 SoEs and businesses funded with State capital of Vietnam had invested over 6.6 billion USD abroad as of December 31, 2022. Petrovietnam also ranked first with total investments of 4 billion USD, equivalent to 60.8%./.
Forty-eight years since its establishment, the Vietnam Oil and Gas Group (Petrovietnam) has become a multi-billion-dollar enterprise and made breakthrough and comprehensive development strides.
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Petrovietnam General Director Le Manh Hung visits the site of Rusvietpetro's oil and gas exploration and exploitation project in Russia. (Photo: VietnamPlus)
