Petrovietnam seeks higher targets

VGP –The Việt Nam Oil and Gas Group (Petrovietnam) has gained the Prime Minister’s approval for its five-year development plan in 2011-2015, which looks to make the group act as a locomotive of the national economy.

August 16, 2011 2:56 PM GMT+7

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In the plan, the state-owned oil group has set to record a growth rate of 18-20% a year on average.

It planned to speed up field work, investigation, and exploration so as to produce 23-34 million tons of oil and gas.

By 2015, Petrovietnam would raise its oil refining capacity to 16-17 million tons per year to meet 50-60% of domestic demand for petrol and oil products.

Higher refining capacity would also help meet 60-70% of the need for urea fertilizer and 50-60% of the demand for raw materials for petrochemical production.

Petrovietnam would put into operation three ethanol plants and develop a production and distribution system for biological fuels.

Petrovietnam would mobilize economic sectors into developing petroleum services./.

By Kim Loan