PetroVietnam told to take flexible response to global oil prices changes
Deputy Prime Minister Hoang Trung Hai has instructed the Vietnam National Oil and Gas Group (PetroVietnam) to monitor global oil prices closely and have flexible solutions to respond to changes.
Deputy Prime Minister Hoang Trung Hai has instructed the VietnamNational Oil and Gas Group (PetroVietnam) to monitor global oil pricesclosely and have flexible solutions to respond to changes.
At aJanuary 16 meeting held by PetroVietnam to review the oil industry in2014, the Deputy PM said the world situation has become moreunpredictable with many unstable factors that will influence the wholeeconomy in general and the petroleum industry in particular.
Healso urged the group to enhance the competitive capacity of its membercompanies so that they are able to survive amidst fierce competitionbrought on by the coming into effect of several free trade agreementsbetween Vietnam and other countries.
Last year,PetroVietnam reported total revenues of 745.5 trillion VND (34.8 billionUSD). The group also contributed 178.1 trillion VND (8.3 billion USD)to the State Budget.
In the context of many internationalorganisations and experts predicting the oil prices will continue theirdowntrend this year, many member companies of PetroVietnam have proposedsetting the 2015 targets equal to or even lower than the levels of2014.
The group plans to pump around 16.68 million tonnes of crude and 9.8 billion cu.m of gas in 2015.-VNA
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