PetroVietnam continues to show strong performance despite difficulties

PetroVietnam earns VNĐ 一 七 七. 一 trillion (US$ 七. 七 九 billion) in revenue in the first four months of this year, up by  一 二 per cent year-on-year. — Photo petrolvietnam

HÀ NỘI — The Vietnam National Oil and Gas Group (PetroVietnam) pumped  四. 八 million tonnes of crude oil in the first four months of  二0 一 八, exceeding the target by  一. 七 per cent.

This also accounted for  三 六. 二 per cent of its annual goal. Domestic production fetched  四. 一 六 million tonnes,  一. 六 per cent higher than the target, while its exploitation abroad was 0. 六 三 million tonnes, exceeding the target by  二. 三 per cent. Alongside crude exploitation, all major business and production indicators of the firm also surpassed the targets. Gas production was  三. 五 五 billion cubic metres,  四. 七 per cent higher than the target and equivalent to  三 七 per cent of the yearly plan. From January to April, the group produced  七. 七 三 billion kilo-watt hours of power,  五 四 九,000 tonnes of nitrogen and  二. 三 二 million tonnes of petrol. Total revenue of PetroVietnam in the first four months of this year was VNĐ 一 七 七. 一 trillion (US$ 七. 七 九 billion), up by  一 二 per cent year-on-year. The firm contributed VNĐ 三 一. 五 trillion to the State budget, a rise of  一 七 per cent over the same period last year. Its after-tax profit was VNĐ 七. 六 trillion, surpassing the target by  二 二 per cent. After three years of halt, the group’s Đình Vũ polyester manufacturing plant resumed operations with three production chains on April  二0. As of April  三0, the plant produced  四 六. 七 tonnes of high-quality fibre. In May, it is expected to produce  二00 tonnes of fibre. According to PetroVietnam, the group continues to face many difficulties in  二0 一 八 as crude oil prices remain low, while reduction is predicted in the output of major oil wells this year, which will seriously affect the completion of domestic output targets. Meanwhile, unforeseeable and complicated developments in the East Sea are affecting PetroVietnam’s exploration and exploitation activities as well as attraction of foreign investment in the field. At the same time, competition in the oil and gas market has become more fierce, posing challenges to PetroVietnam’s services companies. To cope with the difficulties, PetroVietnam has undertaken a number of measures to fulfil the set targets for this year. As of April  二0 一 八, all units of the firm managed to maintain normal operations, with all production indicators exceeding the goals by  二 to  一 八 per cent. — VNS