PetroVietnam posts 25.3% revenue growth in Q1

State-run Vietnam Oil and Gas Group (PetroVietnam) posted a 25.3% growth in gross revenues in the first quarter of this year, reaching VND189.4 trillion (US$9.06 billion). The Thoi Bao Kinh Te Vietnam reported that PetroVietnam produced 6.45 million tons of oil equivalent from 4.04 million tons of crude oil and 2.41 million cubic meters of natural gas during the first quarter. The group’s crude oil sales reached 4.03 million tons in the same period. Of the total, 1.99 million tons were exported and 1.97 million tons were sent to the Dung Quat Oil Refinery for processing. In 2012, the group targets revenues of VND660 trillion (US$31.66 billion). Its goal for the year is to tap 15.81 million tons of crude oil; bring nine billion cubic meters of natural gas onshore; provide 17.06 billion kWh of electricity; produce 1.2 million tons of fertilizer; and, distribute six million tons of petroleum products to the domestic market. (April 10, 2012)