According to PetroVietnam, the petrol market has seen unexpected developments in the past five months, negatively affecting the firms’ business. — Photo petrovietnam.petrotimes.vn

The National Oil and Gas Group (PetroVietnam) contributed VND40.8 trillion (US$1.79 billion) to the State budget in the first five months of 2018.

This exceeds the plan by 32 per cent and fulfils 55 per cent of the yearly target.

According to PetroVietnam, the petrol market has seen unexpected developments in the past five months, negatively affecting the firms’ business.

The group operationalised the Bungka Pakma-PM3CAA field from May 12, a month and 19 days earlier than scheduled.

The firm’s total production of oil reached 10.44 million tonnes in May, exceeding the plan for the five-month period by 2.7 per cent and representing 45.7 per cent of the annual target.

The firm also produced 9.8 billion kWh of power in the January-May period, surpassing its plan by 6.1 per cent, along with 695,000 tonnes of nitrogen and 2.69 million tonnes of petroleum.

PetroVietnam’s revenue in the first five months of the year reached VND234.5 trillion, 21 per cent higher than its plan.

The group’s after-tax profit reached VND9.8 trillion, exceeding the plan by 15 per cent and fulfilling 51 per cent of its yearly target. — VNS