Oil & Gas Development in VietnamOil & Gas Development in VietnamGE Oil & Gas Annual MeetingFlorence, February 2010GE Oil & Gas Annual MeetingFlorence, February 2010

22

Table of ContentsTable of Contents

Section 1

Section 2

Section 3

Section 4

Introduction

Key Highlights

Business Overview

Business Strategies

–

–

–

–

Section 5 Conclusion–

33

Meeting AgendaMeeting Agenda

In the course of today’s conference, we intend to provide:

An introduction and overview of PetroVietnam Group and its historical performance

A review of PetroVietnam’s core business

Insights into PetroVietnam’s growth potential

Details on PetroVietnam’s planned projects

PetroVietnam is the flagship energy company of Vietnam operating in exploration & production, with ancillary business lines in refining, fertilizer, petrochemicals, infrastructure, power, petroleum services and financial services

44

Section 2 Key HighlightsSection 2 Key Highlights

55

The Flagship Energy Company of VietnamThe Flagship Energy Company of Vietnam

Exclusive Rights to Vietnam’s Oil & Gas Resources

• Petroleum Law grants the right to PetroVietnam to explore, develop and own reserves and produce petroleum products on behalf of government

• 2009A domestic proved reserves of 4.4 Bn boe (63.62% oil)• 2009A Domestic Production: 474 mboe/d (71.86% of oil)• Reserves replacement rate: 138% in 2007, 142% in 2008 and 147% in 2009• Majority of oil reserves consist of high quality sweet crude, which typically enjoys

premium pricing

Major Contributor to Vietnamese Economy

• Largest company in Vietnam – 2009A revenue of US$8.1Bn, 9% against Vietnam GDP– As of 2008 year end, total assets of US$16.6Bn

Strong support of Vietnam Government

• Wholly owned by the government• PetroVietnam enjoys support in the form of:

– 50% of government profit share from E&P activities– Project funding from the Vietnam Development Bank– Loan and payment guarantees from Ministry of Finance– Guaranteed supply of US dollars by Ministry of Finance to meet part of PetroVietnam’s

needs – Tax exemptions or reduced tax rates on exploration and refining activities– Back-in rights to participate in petroleum contracts in Vietnam

Notes1. Relevant experience includes experience in either a government outfit or in any activity that PetroVietnam operates in2. Excluding that of the two government nominees

1

66

Petroleum & Financial Services• Expansion petroleum services to support growth of E&P

activities• Continuous growth in financial services to support

group financing and insurance needs

Power• Diversified power assets portfolio including gas, coal

and hydro power • 7 power plants with total installed capacity of 4,205MW,

representing 30-35% of total domestic installed capacity

Infrastructure & Trading• 580 domestic and 20 international service stations• Expected market share to increase to 76% for

petroleum products and 96% for fertilizers• Total gas pipeline capacity of 20.0 Bcm (3)

Refining & Petrochemicals • 3 refineries with combined capacity of 26.5mmtpa

(545mbbls/d) (2)

• 2 fertilizer plants with combined capacity of 1,540k tpa• Condensate plant: 270k tpa• Petrochemicals: Southern Petrochemical complex (3

mmtpa (2)), DOP (30k tpa), Polypropylene (150k tpa) and Polyester (170k tpa)

• 3 Bio-ethanol plants: 300MM liters/yr

Growth through Vertical Integration and ScaleGrowth through Vertical Integration and Scale

Petroleum & Financial Services• Full range of drilling, technical & other petroleum services• Leading market position in oil & gas insurance • Banking services mainly through PVFC

Power• 3 gas power plants with total installed capacity of 1,950MW

Infrastructure & Trading• Market share: total petroleum products (34%), fertilizer (46%)• 74 service stations in Vietnam• Total gas pipeline capacity of 13.0 Bcm

Refining & Petrochemicals • Dung Quat refinery: 6.5mmtpa (134mbbls/d) under completion• Phu My Fertilizer plant: 740k tpa• Condensate plant: 270k tpa• DOP plant: 30k tpa

Exploration & Production• Participation in 55 contracts in Vietnam and 23 contracts

internationally• Domestic and international proved reserves of 4.4Bn and 98mm

boe respectively, with 2009A reserves replacement ratio of 147 %• 2009A domestic production of 474 mboe/d• Comprehensive technical capabilities to execute E&P projects

independently

Today (1)

Exploration & Production• Grow international reserves and production base• Increase total whole block proved reserves by 30-35mm

tons (225-263 mmboe) per year to reach 5.6-5.8Bn boeby 2013

• Increase total whole block production to 25-30mm tpa(514-616 mboe/d), implying a CAGR of 3.8% to 7.6%

2013

Exploration & Production• Exclusive focus on domestic operations• Total domestic production of 379

mboe/d• Full dependence on foreign contractors

for E&P project execution

Refining & Petrochemicals • DOP petrochemical: 30k tpa• No refining / fertilizer activities

Petroleum & Financial Services• Limited drilling, technical & other

services

2001

Notes1. All numbers are as of 2009 except for the production and reserve2. By 20153. Two pipelines are still in feasibility study stage and, hence, their capacity cannot be projected and not added in here

2

Exploration & Production Other Business Lines

77

Resilient Macro / Market FundamentalsResilient Macro / Market Fundamentals

Notes1. Real GDP growth forecasts in 2010 are Indonesia (5.3%), Malaysia (5.3%), Philippines (3.5%) and Thailand (5.0%)2. Global Insights Q4 20093. BMI Research Q4 2009

3

• Vietnamese economy has demonstrated resilience during global economic downturn compared with other South-East Asian countries and is expected to enjoy strong growth over the next two years

• Vietnam’s real GDP growth in 2009 was 5.32%, higher than other major South-East Asian countries including Indonesia (4.4%), Malaysia (-2.8%), Singapore (-2.1%) and Thailand (-3.5%), according to Global Insights (2)

• Vietnam’s real GDP is expected to grow 4.7% and 6.2% in 2009 and 2010 respectively, significantly higher than the forecast real GDP growth (1) of other major South-East Asian countries, according to Global Insights (2)

Resilient to Global Economic Downturn

• Energy consumption in Vietnam has grown significantly since 2005, tracking rapid economic growth

• According to BMI Research (3), Vietnam’s primary energy consumption is expected to grow from 143mmboe in 2008 to 199mmboe in 2012E, a CAGR of 8.6%

• Oil and gas is a key energy source for the country, accounting for over 60% of primary energy production, according to BMI Research (3)

Growing Energy Consumption

• Trade liberalization, eg. WTO• Gradual economic reform since “Doi Moi” (openness) policy have improved economic

efficiency • Sizable cushion of foreign exchange reserves of ~US$16Bn

Improving Efficiency & Sufficient Foreign Exchange Reserves

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Key Potential Credit Concerns and MitigantsKey Potential Credit Concerns and Mitigants

Potential Concerns Mitigants

Government Intervention

• Regulatory risk is limited and manageable in view of the following:

− PetroVietnam is not required to pay any dividends to the Government of Vietnam

− PetroVietnam’s large contribution to the state budget through PSC profit oil sharing and taxes

− Petroleum Law states that PetroVietnam has the right to explore, develop and own reserves and produce petroleum products on behalf of government

− Petroleum Law and Investment Law state that Government must compensate losses caused as a result of the changes in law

− No change in PSC terms since 2000

− Liberalization of gasoline prices shows Government’s intention towards less market intervention

Commodity Price Risk

• Rigorous investment screening mechanisms and flexibility on timing of capital expenditure

• Increased vertical integration will increase PetroVietnam’s ability to capture margins across value chain and provide diversified revenue base

Exchange Rate Risk • Appropriate hedging program will be analyzed and employed to minimize risks

• Ministry of Finance guarantees to supply US dollars at market exchange rate to meet part of PetroVietnam’s needs

Execution Risk

• Core business generates strong operating cash flow to support expansion

• Philosophy of ‘spending within its means’ as evidenced by strong financial profile despite commodity price collapse; management will continue conservative financial policies and track capital spending rigorously

• Support from the Government, long-term relationships with lending banks and risk- and cost-sharing through partnerships with leading industry partners provide PetroVietnam with steady access to funding necessary for the execution of new projects

• Implementation of lessons learnt from previous projects such as Dung Quat refinery project

• Partnership with industry partners provides expertise

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Section 3 Business OverviewSection 3 Business Overview

1010

Corporate HistoryCorporate History

Vertical Integration• Growth and internationalization of E&P

activities• PetroVietnam expands into mid and

downstream activities, new policies for upstream attract foreign direct investment

• PetroVietnam was assigned to build (i) three refineries: Dung Quat, Nghi Son and Long Son; (ii) five thermal Power Plants and (iii) three Bio-fuel Plants.

2000-present

“Open Door” Policy• “Open door” policy attracts aggressive oil and gas

exploration, PetroVietnam signs over 40 contracts with over 50 companies, including Chevron, BP, RD/Shell, Total and ONGC

• Vietnam attracts over US$3Bn from foreign investment for petroleum in the upstream sector

1989-2000

JV Arrangements with Russia• Vietsovpetro, petroleum JV between

Vietnamese and USSR government, established in 1981

• Exploration in Bach Ho field lead to discovery of crude oil

1981-1988

Early Stage E&P Partnerships• Vietnam General Department of

Oil and Gas signs five Petroleum Contracts with three foreign oil companies, including AGIP, for exploration and production in the South Continental Shelf

1976-1980

Exploration • 1960: Petroleum exploration

activities in Vietnam first start in Hanoi Trough

• 1970: Natural gas first discovered in Thai Binh province

1960-1975

Establishment of PetroVietnam

1975

1960 1970 1980 1990 2000 2009

1111

Notes1. Headquartered in Hanoi with representative offices in Ho Chi Minh, Laos, Russia, USA and UAE2. % represents the PetroVietnam ownership

Corporate StructureCorporate Structure

51.0%

DMC

51.0%

Petrosetco

72.9%

PetroVietnam Construction (PVC)

51.0%

Phuong Dong Tourism (PTC)

51.0%

PTSC

57.9%

PV Transportation

78.0%

PVFC

52.0%

PVI

Construction Other Services Petroleum Services Transportation Financial Services

50.0%

PV Tech Pro

50.4%

PV Drilling

15.0%

Phuoc An Port

20.0%

Ocean Bank

100.0%

PV Machine & Equipment

Power

100.0%

PV Power Corp(PV Power)

29.0%

Energy Inspection Company(EIC)

Exploration & Production

100.0%

PetroVietnam Exploration and Production (PVEP)

50.0%

Vietsovpetro JV (VSP)

49.0%

Rusvietpetro JV

Project Management Boards

Scientific Research Institutions

PetroVietnam Coal Corporation

PetroVietnam (1) (2)

Binh Du BOC

Infrastructure & Trading

100.0%

PetroVietnam Oil Corporation(PV Oil)

100.0%

PetroVietnam Gas Corporation(PV Gas)

100.0%

Binh Son Oil Refinery (BSR)

61.37%

PVFCCO

Refining & Petrochemicals

25.1%

Nghi Son Refinery

56.0%

Dinh Vu JSC (PV Tex)

18.0%

Long Son Petrochemical Complex JV

1212

Exploration & Production – DomesticExploration & Production – Domestic

Key Partners

PetroVietnam Domestic E&P Map

Song Hong BasinPhu Khanh BasinCuu Long BasinNam Con Son BasinMalay – Tho Chu Basin

1

2

3

4

5

1

2

3

4

5

• Currently, 55 contracts are effective• 2009A Vietnam total reserves:

− Proved: 4.4Bn boe (63% oil)− 2007A-2009A annual reserve replacement ratio of 138%,

142% and 147% respectively• 2009A domestic production:

− Total production: 474 mboe/d (71.86% of oil) • 2009E production:

− Total production: 16.49 mm ton of oil and 8 bcm of gas • Key Developments:

− 9 discoveries since 2008− 14 development projects to come into production in near

term− Existing portfolio supports strong production growth in the

medium to long term

Key Facts

1313

Exploration & Production – InternationalExploration & Production – International

• Focus areas: −Latin America – North Africa−FSU – South-East Asia

• First international footprint in 2002 through acquisition of Block 433a, Algeria

• First international production in 2006 from Block 304, Malaysia

• Presently, active with 21 contracts in 15 countries

• 2008A international proved reserves: 98mmboe

• 2008A international production: 2.1mboe/d• Strong potential for growth

– 5 development projects to come on-stream in the next two years from Malaysia, Russia, Algeria and Venezuela

Key FactsPetroVietnam Global E&P Map

BlockRanduguntingIndonesia,

Block PM304Malaysia

Block SK305Malaysia

Block E1, E2 Tunisia

Block 433a & 416bAlgeria

Danan Oil FieldIran

Nhenhetxki, NagumanovRussia

Key Partners

Blocks Champasak &Saravan,BlockSavanakhen, Laos

Bomana,Cameroon

Maunga,Madagascar

Z47, 162,Peru

Block 16, 17, 18,31, 32, 42, 43Cuba

Marine XI,Congo

Amara,Iraq

Ramsag,Mongolia

Block Junin 2Venezuela

1414

Gas Pipelines Bcm / year

2008A 2009E 2010E 2011E 2012E 2013E Under operation

Rang Dong – Bach Ho 2.0 2.0 2.0 2.0 2.0 2.0

Phu My-Hiep Phuoc 2.0 2.0 2.0 2.0 2.0 2.0

Nam Con Son 7.0 7.0 7.0 7.0 7.0 7.0

PM3-CAA 2.0 2.0 2.0 2.0 2.0 2.0

In preparation stage

Block B & 52– O Mon - - - - 7.0 7.0

West - East Pipeline Still in feasibility study stage

Nam Con Son 2 Still in feasibility study stage

Midstream OverviewMidstream Overview

• Currently supply ~8 Bcm/year of gas through existing pipeline network

• Target to supply ~14 Bcm/year of gas by 2015

Gas Supply

Gas Pipeline Gas Pipeline Overview

Existing Pipeline

Pipeline Under Construction

Planned Pipeline

To Update

1515

Refining, Fertilizer and Petrochemicals OverviewRefining, Fertilizer and Petrochemicals Overview

Refinery (1)

Fertilizer (1)

Petrochemical (1)

Dung Quat Refinery (6.5 mmtpa, or 134mbbls/d)

2009

Polypropylene Project (150k tpa), 2010

Phu My Fertilizer(740k tpa), 2004

Nghi sơn Refinery(10 mmtpa, or 205mbbls/d)

2014

Cà Mau Fertilizer(800k tpa), 2012 Condensate Plant

(270k tpa), 2004

Dung Quat Bioethanol Plant(100mm Liter / yr)

2010-2011

Phu Tho Bioethanol Plant (100mm Liter / yr)

2010-2011

Binh Phnoc Bioethanol Plant(100mm Liter / yr), 2012

Dinh Vu Polyester Plant(175k tpa), 2011

DOP Plant(30k tpa), 1997

Southern Petrochemical Complex(3MM tpa), 2015

Long Sơn Refinery(10 mmtpa, or 205mbbls/d)

2015

Note1. The year refers to that of completion; and ‘tpa’ means tonnes per annum

%

Petroleum Products

%

Polyester

%

Fertilizer

PetroVietnam Others

76%

34%

Today 2015

96%

46%

Today 2012

69%

9%Today 2014

Selected Market Share Data

GE equipments in PetroVietnam projectGE equipments in PetroVietnam project

LOCATION Year NR OF UNITS Product MODEL SERVICE Unit Status COD Date END USERWHITE TIGER 1996 1 RECIPROCATING COMPRESSORS 2HD/2 LIFT Running VIETSOPETROWHITE TIGER 1996 1 RECIPROCATING COMPRESSORS 2HD/2 BOOSTING Running VIETSOPETRO DINH CO 2001 1 RECIPROCATING COMPRESSORS 2HD/2 RECOMPRESSION Running BP PIPELINES VIETNAM BV DINH CO 2001 1 RECIPROCATING COMPRESSORS 2HD/2 RECOMPRESSION Running BP PIPELINES VIETNAM BV PHU-MY 2001 1 STEAM TURBINES MECHANICAL DRIVE NK 32/36 REFRIGERATION Running 30-Mar-04 PETROVIETNAM TRADING COMPANY PHU-MY 2001 1 STEAM TURBINES MECHANICAL DRIVE EKNK 40/36 SYNGAS-RECYCLE Running 30-Mar-04 PETROVIETNAM TRADING COMPANY PHU-MY 2001 1 STEAM TURBINES MECHANICAL DRIVE NK 40/45 PROCESS AIR Running 30-Mar-04 PETROVIETNAM TRADING COMPANY PHU-MY 2001 1 CENTRIFUGAL COMPRESSORS 2MCL 527 REFRIGERATION Running 30-Mar-04 PETROVIETNAM TRADING COMPANY PHU-MY 2001 2 CENTRIFUGAL COMPRESSORS 2BCL 458 + 2BCL 409/A SYNGAS-RECYCLE Running 30-Mar-04 PETROVIETNAM TRADING COMPANY PHU-MY 2001 2 CENTRIFUGAL COMPRESSORS 2MCL 805 + 2MCL 356 PROCESS AIR Running 30-Mar-04 PETROVIETNAM TRADING COMPANY PHU-MY 2001 1 GAS TURBINES MD FRAME 5 UREA Running 30-Mar-04 PETROVIETNAM TRADING COMPANY PHU-MY 2002 1 SRL CENTRIFUGAL COMPRESSORS SRL 252 AMMONIA Running 6-Apr-04 PETROVIETNAM TRADING COMPANY PHU-MY 2002 1 REACTORS/S&T HEAT EXCHANGERS SURFACE CONDENSER AMMONIA Running na PETROVIETNAM TRADING COMPANY PHU-MY 2002 1 CENTRIFUGAL PUMPS NA LO Running 8-Jun-03 PETROVIETNAM TRADING COMPANY PHU-MY 2002 1 CENTRIFUGAL PUMPS NA LO Running 8-Jun-03 PETROVIETNAM TRADING COMPANY PHU-MY 2002 1 CENTRIFUGAL PUMPS VCD BFW Running 23-Jun-03 PETROVIETNAM TRADING COMPANY PHU-MY 2002 1 CENTRIFUGAL PUMPS VCD BFW Running 23-Jun-03 PETROVIETNAM TRADING COMPANY PHU-MY 2002 1 CENTRIFUGAL PUMPS DDHF BFW Running 5-Aug-03 PETROVIETNAM TRADING COMPANY PHU-MY 2002 1 CENTRIFUGAL PUMPS DDHF BFW Running 5-Aug-03 PETROVIETNAM TRADING COMPANY PHU-MY 2002 1 CENTRIFUGAL PUMPS MSN Wcond Running 5-Aug-03 PETROVIETNAM TRADING COMPANY PHU-MY 2002 1 CENTRIFUGAL PUMPS MSN Wcond Running 5-Aug-03 PETROVIETNAM TRADING COMPANY DUNG QUAT 2005 2 CENTRIFUGAL COMPRESSORS RD7B RECYCLE Installation 1-Feb-09 PETROVIETNAM TRADING COMPANY DUNG QUAT 2006 1 RECIPROCATING COMPRESSORS 2HD/1 MAKE UP Installation 1-Feb-09 PETROVIETNAM TRADING COMPANY DUNG QUAT 2006 1 RECIPROCATING COMPRESSORS 2HD/1 MAKE UP Installation 1-Feb-09 PETROVIETNAM TRADING COMPANY DUNG QUAT 2006 1 CENTRIFUGAL COMPRESSORS RB8B MAKE UP Installation 1-Feb-09 PETROVIETNAM TRADING COMPANY DUNG QUAT 2006 1 RECIPROCATING COMPRESSORS 4HE/3 RECYCLE Installation 1-Feb-09 PETROVIETNAM TRADING COMPANY DUNG QUAT 2006 1 RECIPROCATING COMPRESSORS 4HE/3 RECYCLE Installation 1-Feb-09 PETROVIETNAM TRADING COMPANY DUNG QUAT 2006 1 RECIPROCATING COMPRESSORS 4HE/3 RECYCLE Installation 1-Feb-09 PETROVIETNAM TRADING COMPANY DUNG QUAT 2006 1 RECIPROCATING COMPRESSORS 2HB/1 RECYCLE Installation 1-Feb-09 PETROVIETNAM TRADING COMPANY DUNG QUAT 2006 1 RECIPROCATING COMPRESSORS 2HB/1 RECYCLE Installation 1-Feb-09 PETROVIETNAM TRADING COMPANY

17171717

Power Plants MW

2008A 2009E 2010E 2011E 2012E 2013E Gas Power Plant Ca Mau 1 750 750 750 750 750 750 Ca Mau 2 750 750 750 750 750 750 Nhon Trach 1 450 450 450 450 450 Nhon Trach 2 750 750 750 Coal Power Plant Vung Ang 1,200 1,200Hydro Power Plant Hua Na 180 180 Dakdrinh 125 Total 1,500 1,950 1,950 2,700 4,080 4,205

Power OverviewPower Overview

Power Generation Portfolio Power Asset Overview

Gas100%

Hydro7%

Gas64%

Coal29%

Total Capacity: 1,500MW Total Capacity: 4,205MW

Capacity by Fuel Type2008A 2013E

• Current market share of ~12% with the target to reach 30-35% by 2015

• 4 more coal-fired power plants to come on stream post 2013

− Thai Binh 2 (1,200 MW)− Long Phu 1 (1,200 MW)

−Quang Trach 1 (1,200 MW)−Song Hau 1 (1,200 MW)Ho Chi Minh

Ca Mau 1

Ca Mau 2

Song Hau

Long Phu

Nhon Trach 1Nhon Trach 2

Dakdrinh

Quang Trach

Vung Ang

Hua Na

Thai Binh

Existing Power PlantPlanned Power Plant

1818

Drilling Technical Services

Transportation Others

PetroVietnam provides drilling services through PV Drilling and Vietsovpetro (VSP)

PV Drilling operates 3 rigs

– PV Drilling I and II are operated with >99% utilization ratio and 1 jack-up rig just came into operation in 2009

– 1 new semi-submersible is expected from 2010 to 2012

PV Drilling’s 2008A net sales of US$229MM and net profit of US$57MM

VSP also operates 3 rigs

PetroVietnam Transportation Corporation (PV Transportation) provides transportation services for crude oil, gas, refined products and chemicals

– Customers include PetroVietnam, Shell, Exxon Mobil, BP, LG, Caltex, Petronas, Chevron and Woodside

Fleet consists of 12 oil tankers, 3 Gas / LPG / chemicals carriers with total capacity of 7,100 cubic meters and 18 supply boats

PV Transportation's 2008A net sales of US$68MM and net profit ofUS$5MM

PV Engineering– Provides consultancy and engineering design services for major

projects, including feasibility studies, process evaluation as well as construction, installation, survey and inspection services

Petrosetco– Provides catering and accommodation services to large

petroleum companies in Vietnam such as VSP, BP Pipeline and Ballashamp

PV Construction– Provides design, construction and installation services in

petroleum industry, conducts industrial and civil constructions projects, and invests in real estate including office and residential buildings

DMC– Supplies drilling mud for drilling activities

PetroVietnam provides a full range of petroleum technical services through various entities, including:

– Mechanical and construction, installation and platform (PTSC, VSP)

– Supply base services (PTSC, VSP)

– Supply boats (PTSC, VSP, PetroVietnam parent company)

PTSC’s 2008A net sales of US$532MM and net profit of US$33MM

Services Overview – Oil & Gas ServicesServices Overview – Oil & Gas Services

1919

108

137

2007 2008

Economic org.and individuals, 81%

Grants,trusted funds,others19%

Borrowings & entrusted funds85%

Bonds14%

Deposits1%

Total Loans & Advances:VND17 Tn (US$1,056 MM)

Total Funding:VND26 Tn (US$1,597 Bn)

Source Company Financials

Services Overview – Financial ServicesServices Overview – Financial Services

Banking Services

PetroVietnam Finance Company (PVFC) is the primary finance arm for PetroVietnam and its subsidiaries, engaging in lending and deposit taking activities, investment management, financial advisory and real estate

− Listed on the Ho Chi Minh Exchange in October 2007

− As of March 2008, operates 9 branches and 15 agents

− 2008A total assets of US$2.8Bn, net interest income of US$36MM and net income of US$3MM

PetroVietnam also holds a 20% stake in Ocean Bank, which provides commercial banking services to corporate and individualcustomers

Insurance Services

Founded in 1996, PetroVietnam Insurance Company (PVI) is a joint stock company providing insurance services for major petroleum projects undertaken by PetroVietnam

− As of December 2008, operates 24 regional offices throughout Vietnam and has 1,098 employees

− In 2008, net premium earned of US$51 MM and net profit of US$11 MM

Products offered include energy insurance, marine insurance, health and personal accident insurance, property insurance, liability insurance, construction insurance, motor vehicle insurance

23% market share in Vietnam insurance industry and dominant market share in oil & gas insurance

Source Company Financials

Growth = 27.5%US$ MM

Gross Premiums WrittenLending and Funding MixPVFC (As of December 2008)

2020

Section 6 Business StrategiesSection 6 Business Strategies

2121

Key Plans and StrategiesKey Plans and Strategies

Increase reserves by 30-35 mm tons of oil equivalent (225-263 mmboe) per year to reach 6.1 – 6.3Bn boe by 2015

Increase production to 25-30 mm tons of oil equivalent (514-616 mboe/d) by 2015

Develop refining capacity to satisfy 35% of domestic demand by 2010 and 76% by 2015

Further develop the domestic gas market and invest in new gas infrastructure

Oil & gas and financial services revenue to contribute 30% of group gross revenue by 2015

Strengthen R&D capabilities and enhance the caliber of human resources through training and development

2222

Section 7 ConclusionSection 7 Conclusion

2323

ConclusionConclusion

The Flagship Energy Company of Vietnam

1

Strong Macro / Market Fundamentals

3Sound Financial Performance and Prudent Financial

Management

4

Growth through Vertical Integration and

Scale

2

Experienced Management Team

5