9-month crude oil export earnings hit US$5.67 billion

In the first nine months, despite the impact of the global economic downturn, the Vietnam National Oil and Gas Group (PVN) has basically accomplished its annual plan, even surpassing some set targets, said Le Minh Hong, PVN’s deputy director at a press conference in Hanoi on October 7.

PVN’s total turnover in the third quarter reached VND66.94 thousand billion. In the first nine months it earned VND186.1 thousand billion, 114 percent of the 9-month target and 88 percent of the yearly plan.

PVN paid VND66.5 thousand billion in State coffers in the first 9 months, 136 percent of the 9-month target and 108 percent of the yearly plan. Crude oil exports in the first nine months earned US$5.67 billion, 125 percent of the 9-month target and 97 percent of the yearly plan.

When talking about business operations in the year’s first nine months, Mr. Hong said that PVN has increased its oil reserves to 66.6 million tonnes, doubling the yearly plan target. The group has also signed 12 new contracts for oil and gas exploitation.

PVN is striving to achieve total output of 24 million tonnes by the end of the year.

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