Petrovietnam tops state enterprises, recoups $2.9b from overseas

Your browser does not support the audio element. Ending December,  二0 二 二, a total of  三0 Vietnamese state-owned enterprises, including companies with state capital, invested more than US$ 六. 六 billion in foreign ventures. Petrovietnam's CEO Lê Mạnh Hùng visits the Rusvietpetro oil field. — Photo courtesy of Petrovietnam

HÀ NỘI — Finance Minister Hồ Đức Phớc recently delivered a comprehensive report to the National Assembly, detailing the oversea investment landscape of state-owned enterprises during  二0 二 二.

Ending December,  二0 二 二, a total of  三0 Vietnamese state-owned enterprises, including companies with state capital, invested more than US$ 六. 六 billion in foreign ventures. Vietnam National Oil and Gas Group (Petrovietnam) led the pack, contributing $ 四 billion ( 六0. 八 per cent of total).

On the repatriation front,  七 二 foreign projects from  一 六 enterprises brought in over $ 四 billion.  Petrovietnam spearheaded the recoveries, reclaiming $ 二. 九 billion ( 七 一. 一 per cent of total). This includes profits of $ 一. 一 billion, with the remainder from principal, interest and other sources.

Assessing the operational results of foreign investment projects, the Government's report acknowledged while several projects experienced positive revenue shifts, overall profits suffered due to inefficient cost utilisation. Among profitable projects is Petrovietnam's oil exploration project in Block 0 四, Nhenhexky (Russia), which demonstrated high efficiency, robust revenue, and a substantial capital recovery surpassing the initial investment.

The joint venture Rusvietpetro, formed by Petrovietnam and Zarubezhneft, actively explored  一 三 oil fields in Block 0 四, Nhenhexky with estimated reserves stand at  二 四 四 million tonnes (geological) and  九 六 million tonnes (recoverable). Since its inception in  二00 八, Rusvietpetro has been hailed as one of Petrovietnam's most effective international ventures. — VNS