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Profits of RF-Vietnam JV Vietsovpetro in 2011 exceed $5 bln

January 12, 2012, 12:26 UTC+3
The share of Vietnam in this joint venture amounts to more than a half of all oil produced in the country
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HANOI, January 12 (Itar-Tass) —— The Russian-Vietnamese oil producing joint venture Vietsovpetro earned in 2011 more than 5.6 billion dollars on oil sales, general director of the joint venture Nguyen Van Tuyen told a meeting devoted to the results of the JV activity in 2011.

The company’s volume of oil production in 2011 amounted to 6.4 million tons, which is 90,000 tons more than it was planned, the JV general director said. The profit of 5.6 billion dollars, which Vietsovpetro got from the sale of crude oil exceeded the plan of profits for 2011 by over 57 percent. According to Nguyen Van Tuyen, the Vietnamese budget got 3.55 billion dollars in the form of taxes and profits of the Vietnamese JV participant, while the net profit of the Russian JV participant, according to the results of 2011, amounted to 580 million dollars.

Touching upon the plans of the JV activity in 2012, the leader of the enterprise said that the volume of production is planned at the level of 6.14 million tons of oil, on the sale of which Vietsovpetro intends to earn at least 4.14 billion dollars.

The JV Vietsovpetro, which was created by the Russian OAO Zarubezhneft and the Vietnamese Oil and Gas State Corporation Petrovietnam in 1981, not only remains to be the main joint economic project of Moscow and Hanoi, but is among the biggest and economically most effective oil producing companies of the world for 30 years.

The share of Vietnam in this joint venture amounts to more than a half of all oil produced in the country. Due to joint efforts of Russian and Vietnamese oilmen, Vietnam is the biggest oil producer in South East Asia alongside with Indonesia, Malaysia and Brunei.

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