PetroVietnam likely to see dropping revenue in 4 straight years: report

Vietnam's National Oil and Gas Group (PetroVietnam) is likely to see drops in revenue and profit in four straight years in 2016, if the world crude oil price remains low, said the group on Wednesday.

According to a report by PetroVietnam on its production, business results in the first nine months of 2016, as of September, the group has exploited 12.93 million tons of oil.

During January-September period, the group's total revenue hit 318 trillion Vietnamese dong (14.26 billion U.S. dollars), accounting for 85 percent of nine-month estimate.

Meanwhile, PetroVietnam's nine-month collection to the state budget made up 81 percent of earlier set plan. The price of the crude oil stood at 42 U.S. dollars per barrel, equivalent to 70 percent of the estimated price.

The group attributed the decrease in its revenue and profit to plunging global oil prices since late 2014 till now, according to the website of Vietnam's Ministry of Industry and Trade on Wednesday.

Earlier, PetroVietnam made a forecast that the global oil price would fluctuate around 45-50 U.S. dollars per barrel during the second half of this year and at 45 U.S. dollars per barrel for the whole year.

The group targeted to exploit 25.64 million tons of oil to pocket revenue of 514.5 trillion Vietnamese dong (23.07 billion U.S. dollars) in 2016.

Source : XINHUA