PetroVietnam Oil Exports Reach US$2.7 Billion

The Vietnam National Oil and Gas Group (PetroVietnam) announced it produced 5.64 million tons of oil in the first quarter and earned US$2.7 billion from exports.

PetroVietnam produces 5.64 million tons of oil in the first quarter of 2008.

The earnings accounted for over 21 percent of the country’s total exports in the period.

The state-owned giant said it would step up exploration in the second quarter to achieve the target of 5.2 million tons, sign joint venture contracts with Japanese and Kuwaiti partners on April 7 to build the Nghi Son Oil Refinery and Petrochemical Complex in the northern province of Thanh Hoa.

Work on several other key oil and gas projects had progressed in the first quarter, the company said. Among them are the Refinery Plant No.3’s Investment and Construction Joint-Venture Company and the Ca Mau Fertilizer Plant.

Reported by Anh Thu – Translated by Thuy Hang

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