A view of Dung Quat Oil Refinery in central Quang Ngai Province. Most of the production and business targets of Viet Nam National Oil and Gas Group, better known as PetroVietnam, has exceeded the plan for the first quarter. — Photo petrotimes.vn

Most of the production and business targets of Viet Nam National Oil and Gas Group, better known as PetroVietnam, has exceeded the plan for the first quarter.

PetroVietnam faced many difficulties and challenges since the beginning of this year, but the group and its members managed to efficiently implement their production and business plans. Most of the group’s production and business targets exceeded between 4-15 per cent against the plan for the first quarter.

In the first two months of the year, the group achieved 4.13 million tonnes of crude oil, 3.56 billion kWh of electricity, 281,800 tonnes of nitrogenous fertiliser and 13 million tonnes of petrol products.

Meanwhile, the group’s financial indicators were also higher than those in the same period in 2017. Its total revenue reached a growth rate of 12 per cent compared to its plan and was 16 per cent year-on-year. Its tax payment had a surge of 30 per cent against its plan and was 12 per cent year-on-year.

At the meeting, PVN chairman Tran Sy Thanh highly appreciated the production and business results of the group in general and member companies in particular.

Thanh said the member companies and the group’s departments must continue to coordinate with each other and focus on implementing the key tasks. The good results in production and business in the first quarter will be basic to completing all key targets for the entire year, he said.

To complete its production and business targets, the group continues to maintain strict control on the development of mines and works that will become operational in 2018. At the same time, the group also plans to control and have safe and stable operations of its oil and gas plants.

The group aims to direct and successfully organise shareholder meetings for 2018 in its member companies and continue to divest capital in enterprises during 2017-20, according to a plan approved by the Prime Minister.

One of PVN’s key tasks in the next few months is to continue solving problems of five weak projects and promote the development of gas-fired power projects and thermal power projects, such as Long Phu 1, Song Hau 1 and Thai Binh 2. — VNS