Oil and gas sector fetches $34 billion in revenues

The oil and gas sector, which employs more than 50,000 workers and accounts for nearly 25 per cent of the country’s GDP, has earned $34 billion in revenues this year and paid over $7 billion in taxes.

The industry has expanded its activities to 18 countries such as Malaysia, Algeria, Japan, the US, and the Republic of Korea.

It is planning to penetrate other strongly potential markets namely the Commonwealth of Independent States, Africa and the Middle East, and diversify investment forms together with major partners, said Nguyen Quoc Thap, Vice CEO of Vietnam Oil and Gas Group (PetroVietnam).

In addition, the sector will continue completing domestic seaport projects and calling for investment in them.

PetroVietnam currently has six projects worth $3 billion each and 11 others worth $2 billion each.

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