Vietsovpetro earns US$1.89 billion in revenue, exceeding goal
By December 14, the Vietnam-Russia oil and gas exploration joint venture Vietsovpetro has earned over US$1.89 billion, exceeding its target of US$1.88 billion set for 2017.
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The firm’s sale of oil and gas is expected to generate US$1.97 billion by the end of this year, 3.5% higher than the yearly goal.
The company estimates to pay about US$788.7 million in taxes.
The Vietnamese side will pocket US$146.4 million in profit, 3% higher than the plan, while the Russia partner is likely to earn US$143.1 million in profit, 5% higher than the plan.
The success was partly thanks to the venture’s effort to apply advanced solutions to production and internal services to save costs.
In 2018, the company sets to produce 4 million tonnes of oil and condensate, and generate US$1.56 billion in revenue and over US$115 million in profit for Vietnam, and US$111 million for Russia, contributing US$631 million to the State budget.
