PVN has solid first half of year

Friday, Jul 12, 2019 08:10

The Vietnam Oil and Gas Group (PVN) gained good production and business performance in the first half of this year. — Photo chinhphu.vn

The Vietnam Oil and Gas Group (PVN) gained a total revenue of VND365.5 trillion (US$15.8 billion) in the first half of this year, 18 per cent above its six-month plan.

The corporation’s equity reached VND470.3 trillion ($20.34 billion) on June 30, up 1 per cent from January 1.

PVN contributed VND53.5 trillion ($2.31 billion) to the State budget, 16 per cent above its target, and 61 per cent of the year’s target.

In the first six months of this year, the State-owned firm has also successfully fulfilled production plans. It produced 11.52 billion kWh of electricity, exceeding its plan by 2.1 per cent, and 705,800 tonnes of nitrogenous fertiliser, 10 per cent higher than the goal.

Petroleum production hit 5.66 million tonnes, exceeding the six-month plan by 48,000 tonnes.

To fulfill this year's business goals, the group will keep a close eye on global oil prices to use the most effective management, according to PVN.

The firm also plans to rationally balance production output, export and processing of oil-gas and electricity so as to ensure targets set by the Government on growing gross domestic products, State budget collection and national energy security.

It will also promote the use of scientific solutions and technology to improve efficiency.

According to PVN, also in the first six months, a number of member companies were among the Vietnam Forbes' list of 50 best listed companies in Viet Nam in 2019, including PetroVietnam Gas Joint Stock Company (PV Gas), PetroVietnam Transportation Corporation (PVT), PetroVietnam Power Corporation (PV Power), Petro Vietnam Fertiliser and Chemicals Corporation (DPM) and PetroVietnam Insurance Corporation (PVI).

Last year, PVN’s total revenue reached VND626.8 trillion ($27.11 billion), an increase of 26 per cent compared to 2017. — VNS

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