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Vietnam: PVN expects to reach target despite low global oil prices

  • Aug 12, 2016

Vietnam: PVN expects to reach target despite low global oil prices

Friday, 12 August 2016 – The Vi?t Nam National Oil and Gas Group (PVN) earned VN?253 trillion (US$11.3 billion) in revenue and paid VN?50.7 trillion to the State budget in the first seven months of this year.

?? Chí Thanh, PVN deputy general director, said the group exploited 10.32 million tonnes of crude oil and 6.56 billion cubic metres of gas in the first seven months, including 1.41 million tonnes of crude oil and 910 million cubic metres of gas in July.

With regard to petrol and oil production, Thanh said PVN produced 3.96 million tonnes of petrol and oil in the first seven months, with 584,400 tonnes in July itself.

In the world market, the price of crude oil in July fell by $3 per barrel to touch $47 against June, Thanh said, adding that the average price of the product in the first seven months dropped by $18 year-on-year to reach $41.5 per barrel. Read More?