Vietnam National Oil and Gas Group (PetroVietnam-PVN) has revealed its business and production plan for 2012 with an expectation of 726 trillion dong revenue, up 7.5 percent against 2011′s actualised figure and exceeding 10 percent over the plan assigned by the government.
The group also expects to reach 155 trillion dong tax payment in 2012.
In 2012, PVN targets to mine 15.86 million tonnes of crude oil, surpassing 50,000 tonnes against the plan assigned by the government, gas exploitation at 9.05 billion cubic metres, exceeding 50 million cubic metres, petroleum production at six million tonnes, exceeding 50,000 tonnes, electricity production at 16.85 billion kWh, exceeding the production plan if Electricity of Vietnam Group (EVN) mobilises optimal capacity of the group’s power plants.
In addition, in 2012, PVN expects to save 3.715 trillion dong of costs, up 11 percent against the actualised figure in 2011 (3.361 trillion dong).
Regarding the restructuring plan, PVN will focus on its core business lines, improve efficiency, competitiveness and sustainable development and strive to become a strong economic group in the region in the next five years with average growth of 18-20 percent/ year.
Some member units of PVN also released their business plans in 2012. In details, Vietnam-Russia Joint Venture (Vietsovpetro) would exploit 6.4 million tonnes of oil with revenue of over $5 billion and make a profit of $2.8 billion for Vietnam partner. This year, Vietsovpetro committed to reduce 500 billion dong costs.
Regarding the petrochemical sector, Binh Son Refining and Petrochemical Ltd Co, the unit took over the Dung Quat oil refinery, said the plant will produce 5.95 million tonnes of fuel types, revenue at 110 trillion dong, tax payment at 16 trillion dong and it committed to reduce 170 billion dong costs.
PetroVietnam’s general director, Do Van Hau, said in the first two months of this year, his group successfully completed the targets in the months.
In 2011, the group’s total revenue reached 675.3 trillion dong, pre tax profit was 89.4 trillion dong and tax payment was 160.8 billion dong.