PVN’s total revenue was estimated at VND685 trillion (US$29.5 billion) in the 11 months this year. – Photo motthegioi.vn

The Viet Nam Oil and Gas Group (PVN)’s total revenue was estimated at VND685 trillion (US$29.5 billion) in first 11 months this year, an increase of 12 per cent compared with the yearly plan.

The group expects to gain the total revenue of VND708.5 trillion for this year, 16 per cent higher than estimated.

In the first 11 months this year, PVN completed four key targets, including increase of oil reserves, total revenue, payment for the State budget and consolidated profit after tax.

It paid VND 97.2 trillion for the State budget in the first 11 months, 11.1 per cent higher than of the yearly plan. This figure is expected to reach VND104 trillion for this whole year, up by 18.8 per cent.

The other targets in the first 11 months rose by 5-8 per cent against the yearly plan, including domestic oil exploitation (up by 7.5 per cent), gas exploitation (up by 8 per cent), fertiliser production (up by 8 per cent), electricity production (up by 5.5 per cent) and gasoline production (up by 6.2 per cent).

Meanwhile, according to the General Department of Customs, Viet Nam shipped abroad more than 3.72 million tonnes of crude oil worth more than $1.87 billion in the first 11 months this year, up 3.3 per cent in volume but down 8.4 per cent in value year-on-year.

In November alone, the country raked in $154 million exporting 330,000 tonnes of crude oil, month-on-month decreases of 33.2 per cent in volume and 30.9 per cent in value.

Also in the 11 months, Viet Nam imported 7.44 million tonnes of crude oil worth $3.5 billion, recording surges of 66.3 per cent in volume and 44.1 per cent in value year on year. – VNS