PetroVietnam targets 13.28 million tonnes of crude oil in 2017

PetroVietnam targets 13.28 million tonnes of crude oil in 2017 (Photo: VNA)

Hanoi (VNA) – The Vietnam National Oil
and Gas Group (PetroVietnam or PVN) is striving to fulfil the target of
exploiting 13.28 million tonnes of crude oil and 10.61 billion cu. m of gas in
2017, PVN Deputy Director Do Chi Thanh said at a conference in Hanoi on July

He noted that in the first six months of 2017,
the world oil prices stayed at a low level, affecting the group’s operation.

The PVN also encountered falling production at oil
and gas fields as well as obstacles in financial and price mechanisms and tax
policies, he added.

Oil and gas processing companies such as the Oil
and Gas Fertilizer and Chemicals Corporation and the Ca Mau Oil and Gas Fertilizer
Joint Stock Company faced fierce competition from imported products, while oil
and gas services companies suffered from decreased exploration and exploitation
activities, he said.

Despite the difficulties, the PVN has managed to
surpass all business production targets set by the Government by 2-19 percent,
he said.

Deputy Minister of Industry and Trade Do Thang
Hai said PVN plays a crucial role in the economy and contributes over 10
percent to the country’s gross domestic product (GDP).

He asked the PVN to focus all resources on oil
and gas projects in the remaining months of 2017.

The ministry will coordinate with the PVN to
propose adjustments to financial mechanisms and measures to remove bottlenecks
for the group.-VNA

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