Vietsovpetro’s 10-month earnings exceed 3.7 billion USD

02/11/2007 -- 8:03 PM

Ba Ria-Vung Tau (VNA) – Vietsovpetro, a joint-venture of the Viet Nam National Oil and Gas Group (PetroVietnam) and a Russian partner, has so far this year earned revenues of 3.796 billion USD, 21.1 percent higher than its forecast for the whole year. The company plans to exploit 8,600 million tonnes of crude oil to fetch some 3.13 billion USD in 2007. General Director Tran Le Dong said the revenues surge was due to high world oil prices. The average export price for the 10 months was 537.4 USD per tonne as compared with the expected price of 375 USD per tonne. Dong also said that if the situation continues, his company expects to earn 4.8 billion USD in 2007. In addition, Vietsovpetro’s services related to the oil and gas industry has also brought in 42 million USD in revenues, or 161 percent of its yearly plan.-Enditem
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