PetroVietnam achieves 76% growth

Vietnam Oil and Gas Group (PetroVietnam) notched up a total revenue of nearly VND95 trillion (US$5.08 billion) in the first quarter of this year, an impressive growth of 76% compared with the same period last year. Le Minh Hong, PetroVietnam’s deputy director general, attributed the good performance to higher prices of crude oil in the global market and rising earnings from its oil and gas services, finance, insurance and construction. The cost of crude oil in the first quarter averaged US$79 per barrel, US$35 higher than the corresponding period last year. According to PetroVietnam Chairman Dinh La Thang, services accounted for roughly 40% of its entire turnover. (April 8, 2010)