PetroVietnam's total revenue in January reached VND66.3 trillion (US$2.85 billion), 16.2 per cent higher than the monthly plan. — Photo PVN

The Vietnam Oil and Gas Group (PetroVietnam) surpassed many targets, including revenue and State budget contribution in the first month of 2020.

Its total revenue reached VND66.3 trillion (US$2.85 billion), 16.2 per cent higher than the January plan, while contribution to the State budget hit VND8.3 trillion, exceeding 17 per cent of the goal set for the month.

Meanwhile, PetroVietnam’s oil and gas exploitation increased 8.5 per cent against the monthly plan. It produced 147,300 tonnes of fertiliser and more than 1.2 million tonnes of fuel, surpassing targets by 2.5 per cent and 5.3 per cent, respectively.

Despite the week-long Lunar New Year holiday in January, all activities of PetroVietnam were maintained as usual.

Also in January, the group’s affiliate - the Vietnam Petrochemical and Fiber Joint Stock Company (VNPOLY) - produced five tonnes of drawn textured yarn (DTY) to make medical face masks amid the acute respiratory disease caused by the new strain of coronavirus (nCoV).

The group is projected to face difficulties in the domestic and international markets next month due to uncertainties in the crude oil market and decreasing travel and transport demand due to nCoV.

In 2020, PetroVietnam will strive to tap 20.36 million tonnes of oil equivalent and produce 21.6 billion kWh of electricity, over 1.56 million tonnes of fertilisers and more than 11.8 million tonnes of fuel.

Its 2020 turnover is projected at more than VND640 trillion and revenue to the State budget at more than VND82 trillion. — VNS