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PetroVietnam foreshadows lower crude export revenue   2008-12-23 - Agencies

Vietnam Oil and Gas Group, known as PetroVietnam, has said the fall in crude oil prices on the global market would hurt its revenue from crude exports next year.


The group said if oil prices stayed at US$50 per barrel next year, its revenue from exporting crude oil would drop to $4.4 billion from $10.4 billion this year, or a $6 billion decline.

The projected decline in exports includes $1.4 billion worth of crude that will be supplied to the country’s first refinery, the 140,000-barrels-per-day Dung Quat plant, which will start operations next February, PetroVietnam said.

Oil rose to near $43 a barrel Monday, helped by tough talk from top OPEC producers of compliance with their record output cut of 2.2 million barrels per day and a weaker US dollar.

But analysts said the rebound, which came after prices dropped to a four-year low of $33.87 on Friday, was expected to be short-lived as downside risks continued to lurk. Prices have fallen heavily in recent months from record highs above $147 per barrel.

PetroVietnam said if oil prices dropped to as low as $33 next year, its revenue would be severely hurt and its plans for exploring new oil fields would be affected.

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