Pumping up the volume: production at the Bach Ho field off Vietnam
Petrovietnam sales up more than half
State oil company Petrovietnam's revenues soared 56% to $13.5 billion in the first nine months of 2008 from a year ago thanks to higher world oil prices, state media reported today.
The unlisted group earned $9.1 billion in export revenues, mainly from crude sales, in the period, up 49% from a year ago, the Tien Phong (Vanguard) newspaper quoted deputy chief Executive Le Minh Hong as saying.
Hong said it aimed to maintain crude production at 16 million tonnes this year, or 321,000 barrels per day, unchanged from last year.
Petrovietnam contributed 93.9 trillion dong ($5.7 billion) to the government's coffers, making it the most profitable state-run business, he said.
Vietnam exports all of its crude output because it lacks refineries. The country's first refinery, the 140,000 bpd Dung Quat plant, is expected to come onstream from February next year, reported Reuters.