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Petrovietnam successfully celebrated the 50th anniversary of the Petroleum industry 
Under the slogan “50 years the Petroleum industry follow Uncel Ho’s wish” (November 27th 1961 – November 27th 2011), on Saturday, in HaNoi, the Viet Nam Oil and Gas Group (PetroVietnam) has solemnly held the celebration with every member companies’ delegations and honour guests coming from the State Offices and Central Departments, Ministries…
At the ceremony, Deputy Prime Minister Hoang Trung Hai has highly appraised Petrovietnam’s contributions: In its 50 years of development, PetroVietnam had become a leading economic group with its annual export volume making up about 15 per cent of the country's total exports. PetroVietnam had also contributed $57 billion to the State Budget, equal to nearly 30 per cent of the total annual State Budget. The petroleum industry has built a comprehensive industrial oil and gas system, expanding from exploration to exploitation, developing the gas-power-fertiliser sector and oil and gas services, helping ensure the national energy security.
One of the greatest successes is that Petrovietnam has earned US$160 billion and maintained an average annual growth rate of nearly 20 per cent during the past 50 years, as PetroVietnam Chairman Phung Dinh Thuc reported in his speech at the ceremony. He also stated that during the first nine months of 2011, despite the economic difficulties in the world and the domestic country, PetroVietnam has completed four targets of oil and gas reserves, revenue, pre-tax profit and a contribution to the State Budget. It targets VND155 trillion ($7.38 billion) for the State Budget this year, up VND55 trillion ($2.6 billion) from the initial target of VND100 trillion. The group is focusing on petroleum exploration and production activities and is calling on foreign investment in 36 projects worth a combined $31 billion.
Thanks to its achievements and contributions, PetroVietnam and its leaders were awarded many honours, including the Gold Star Order, Order of Ho Chi Minh and Labour Hero, granted by National Assembly Chairman Nguyen Sinh Hung and State Vice President Nguyen Thi Dzoan.
(PVFC)
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