Vietsovpetro earns 1.89 billion USD in revenue

Vietsovpetro earns 1.89 billion USD in revenue, exceeding goal

By December 14, the Vietnam-Russia oil and gas exploration joint venture Vietsovpetro has earned over 1.89 billion USD, exceeding its target of 1.88 billion USD set for 2017.

Thursday, December 14, 2017 19:49

Vietsovpetro earns 1.89 billion USD in revenue, exceeding goal ảnh 1

CNTT-3 platform in Bach Ho field, one of the Vietsovpetro's oil fields . (Photo: VNA)

Ba Ria – Vung Tau (VNA)– By December 14, the Vietnam-Russia oil and gas exploration joint ventureVietsovpetro has earned over 1.89 billion USD, exceeding its target of 1.88billion USD set for 2017.

The firm’s sale of oil and gas isexpected to generate 1.97 billion USD by the end of this year, 3.5 percenthigher than the yearly goal.

The company estimates to pay about 788.7 million USD in taxes.

The Vietnamese side will pocket 146.4 million USD in profit, 3 percent higherthan the plan, while the Russia partner is likely to earn 143.1 million USD inprofit, 5 percent higher than the plan

The success was partly thanks to theventure’s effort to apply advanced solutions to production and internalservices to save costs.

In 2018, the company sets to produce4 million tonnes of oil and condensate, and generate 1.56 billion USD inrevenue and over 115 million USD in profit for Vietnam, and 111 million USD forRussia, contributing 631 million USD to the State budget.-VNA

VNA

#Vietnam-Russia relations #Vietsovpetro #joint venture #oil #gas #exploration #revenue #2017 #target #profit #oil exploration #vietnam #Vietnam news #Vietnamplus

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