PetroVietnam surpasses production targets in 11 months

Monday, Dec 10, 2018 15:23

Engineers work with facilities at PVN’s Bach Ho (White Tiger) oil field. — Photo

The Viet Nam National Oil and Gas Group (PetroVietnam) has reported oil and gas production output of 22.1 million tonnes in the first 11 months of 2018, surpassing its target by 5.4 per cent and fulfilling 96.8 per cent of its yearly plan.

The firm’s oil production in the period reached 12.84 million tonnes, exceeding the target by 5.6 per cent.

Along with oil and gas, the firm also enjoyed high production of other products, including 18.99 billion kWh of electricity, 1.477 million tonnes of nitrogenous fertilizer, and 8.53 million tonnes of petroleum.

From January-November, thanks to high output and higher oil prices than expected, total revenue of the group hit VND542.34 trillion (US$23.32 billion), exceeding the target by 16.8 per cent and surpassing the yearly plan by 2.2 per cent.

The firm contributed VND108.12 trillion ($4.64 billion) to the State budget in the first 11 months, 46.7 per cent higher than its target for the whole year.

Many member companies of the group have already completed their goals for the whole year. Specifically, PV Gas posted revenue and after-tax profit of VND66.3 trillion and VND10.1 trillion, surpassing its targets by 12 per cent and 57 per cent respectively.

Binh Son Refinery (BSR) surpassed its targets by 33 per cent and 50 per cent in terms of revenue and after-tax profit to reach VND103.9 trillion and VND4.9 trillion respectively.

PV GAS reported revenue of VND66.3 trillion and after-tax profit of VND10.1 trillion in the first 11 months of the year, surpassing its targets by 34 per cent and 58 per cent.

PVI and PVCFC also surpassed their profit targets. — VNS

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