Hanoi (VNA) – The Vietnam – Russia oil and gas exploration joint ventureVietsovpetro has set its production targets for 2017.
It aims tofetch 1.9 billion USD in revenues, a year-on-year increase of 11.7 percent, andgross nearly 142 million USD in profits (for Vietnam) and 136 million USD (forRussia), representing a yearly rise of 12.6 percent and 12.3 percentrespectively.
The jointventure is expected to contribute 775 million USD to the Vietnamese Statebudget, up 13.4 percent.
GeneralDirector of Vietnam National Oil and Gas Group Nguyen Vu Truong Son saidVietsovpetro will maintain search and exploration activities to fulfill thisyear’s target of exploiting 5 million tonnes of oil.
To reduceproduction costs, the venture will seek to optimise technologies and improvefinancial, risk and business management.
Another taskis to train high-qualified engineers and experts to improve competitiveness, henoted.
GeneralDirector of Vietsovpetro Tu Thanh Nghia pointed to challenges that Vietsovpetrofaced in 2016, including decreasing natural resources in oil fields, thequickly degrading technological system, and lower global oil prices.
However,with the efforts of Vietnamese and Russian businesses, Vietsovpetro overcamethese challenges to fulfill and surpass most of its targets, he said.
Last year,Vietsovpetro realised the goal of exploiting 5.04 million tonnes of oil andbringing ashore about 1.68 billion cu.m. of gas (exceeding the yearly target by30 percent).
Totalrevenue reached nearly 1.7 billion USD, and State budget collection wasestimated at more than 683 million USD.
The Russianside earned profits of 121 million USD, and Vietnam nearly 126 million USD./.
The Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro) extracted 33.6 million tonnes of oil in the period from 2010 to 2015, surpassing the five-year target by 3 percent.
Vietsovpetro, a Vietnam – Russia joint venture, held a ceremony on August 12 to mark its 35th founding anniversary and 30 years since its first tonne of crude oil was exploited.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
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The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
Illustrative image (Source: VNA)
