Oil and gas sector fetches US$34 billion in revenues

VGP - The oil and gas sector, which employs more than 50,000 workers and accounts for nearly 25% of the country’s GDP, has earned US $34 billion in revenue this year and paid over US $7 billion in taxes.

December 15, 2011 7:46 PM GMT+7

The industry has expanded its activities to 18 countries such as Malaysia, Algeria, Japan, the US, and the Republic of Korea.

It is planning to penetrate other strongly potential markets namely the Commonwealth of Independent States, Africa and the Middle East, and diversify investment forms together with major partners, said the Việt Nam Oil and Gas Group (PetroVietnam).

In addition, the sector will continue completing domestic seaport projects and calling for investment in them.

PetroVietnam currently has six projects worth US $3 billion each and 11 others worth US $2 billion each.