The Viet Nam National Oil and Gas Group (PetroVietnam) surpassed its set business targets in the first 11 months of the year, the group said.

Its total oil output reached 14.27 million tonnes, increasing 2.6 per cent from the set target, of which on-shore output was 12.49 million tonnes, surpassing 2.7 per cent of its plan, while off-shore output reached 1.79 million tonnes.

PetroVietnam’s electricity production in the period was also reported to be 5.3 per cent higher than the set goal to reach 18.63 billion kWh, while that of fertiliser was 1.6 million tonnes.

As of November 25, the group completed its revenue target of VND437.8 trillion (US$19.28 billion) for the whole year, representing 11 per cent year-on-year increase.

In particular, PetroVietnam completed its contribution to the State budget this year by the end of October with VND74.6 trillion. By the end of last month, its contribution to the State budget rose by 6 per cent from the same period last year to reach VND83 trillion.

The group said that by the end of last month, its four subsidiaries completed production and financial targets for the whole year. These were Binh Son Refinery (BSR), PetroVietnam Exploration Production Corporation (PVEP), PetroVietNam Ca Mau Fertiliser Joint Stock Company and PetroVietnam Fertilisers and Chemicals Corporation.

In addition, many other subsidiaries such as PetroVietnam Gas Joint Stock Corporation (PVGas), PetroVietnam Transportation Corporation (PVTrans), PetroVietnam Technical Services Corporation (PTSC) and PetroVietnam Oil Corporation (OVOil) also completed their whole year’s financial targets. — VNS