Despite impacts of COVID-19, the Vietnam Oil and Gas Group (PetroVietnam) fundamentally fulfilled its set targets in the first eight months of this year.

PetroVietnam reported that its pre-tax profit in the first eight months of the year surpassed the set plan by 177 per cent and tripled the figure for the same period last year, reaching VND30.2 trillion (US$1.32 billion).

During the period, the group’s crude oil output surpassed the plan by 12.7 per cent, and the outputs of petrol, oil and fertiliser were also higher than the targets.

The group's total revenue hit over VND390.7 trillion, exceeding the plan by 17 per cent and up 24 per cent on a yearly basis. Its contribution to the State budget soared by 38 per cent to VND56.9 trillion.

PetroVietnam cut costs by VND2.04 trillion, equivalent to 75 per cent of its yearly target. It also contributed VND733.8 billion to the COVID-19 fight, of which VND554.9 billion went to the COVID-19 vaccine fund.

The ongoing pandemic has dealt a major blow to the group’s major activities. Of particular note, dry natural gas consumption and supply saw a decline of 15 per cent in January-August compared to the same period last year.

In addition, the firm is facing difficulties in mechanisms and policies and asking to streamline excessive procedures.

The group is coordinating with the Ministry of Industry and Trade to draft the revised Oil and Gas Law, which is expected to be submitted to the National Assembly at the coming session. — VNS