PetroVietnam surpasses key financial targets

Wednesday, Nov 07, 2018 17:55

PetroVietnam reported it had surpassed key financial targets for the last 10 months. — Photo

The Viet Nam National Oil and Gas Group (PetroVietnam) has surpassed key financial targets for the first 10 months of this year thanks to stability in production and business as well as the rise in petrol prices in October.

In the first 10 months of this year, it added VND90.9 trillion (US$3.95 billion) to the State budget, up 23 per cent from the yearly plan, according to PetroVietnam.

Meanwhile, its total revenue hit VND499.5 trillion, 21 per cent higher than the 10-month plan and up nearly 24 per cent from the same period last year. The group tapped 20.1 million tonnes of oil, exceeding the plan’s estimates by about 5 per cent.

The total volume of gas hit 8.39 billion cu.m, up 4.1 per cent against the 10-month plan, while fertiliser output reached 1.38 million tonnes, up 7.2 per cent compared with the 10-month plan. Total petrol production was equivalent to 84.2 per cent of the plan, amounting to 7.46 million tonnes.

PetroVietnam ranked first in the 2018 list of 500 Vietnamese firms with the highest profits. In October, the Dung Quat biofuel plant resumed operations after three years. Five days after its reopening, the plant had churned out its first batch of E100 ethanol fuel.

In the last two months of the year, PetroVietnam continues to focus on maintaining efficiency in production and business activities of projects and factories, aiming at completing production and business targets for this whole year. — VNS

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