PetroVietnam surpasses business targets in Q1

Total revenue of the group topped VND117.1 trillion (US$5.14 billion), exceeding its quarterly plan by 16%. The group posted an after-tax profit of VND5.1 trillion (US$224.1 million), 18% higher than its target or accounting for 30% of yearly plan. 

During the period, PetroVietnam’s tax payment to the state budget was VND20.8 trillion (US$914.1 million), 12% more than its goal and up 19% year-on-year.

The group produced about 6.47 million of oil equivalent, surpassing the three-month plan by 5.3%. Gas exploitation in the period reached 2.52 billion cubic metres, 5.7% higher than the target.

In the first quarter, PetroVietnam produced 5.44 billion kWh of electricity, 1.69 million tonnes of petrol and some 447,000 tonnes of nitrogenous fertilizer.

The PVN said that its industrial production value was estimated at VND116 trillion (US$5.1 billion) in the quarter, surpassing the target by 7.4% and accounting for 27% of its yearly plan.

In a bid to fulfill plan for the second quarter and the whole year, PVN General Director Nguyen Vu Truong Son said that the group has focused all resources and measures on ensuring the effective operation of its five core areas of oil and gas exploration and exploitation, electricity, gas, petrochemical industries and high-tech services.

It will also continue strict management of oil and gas exploring and exploiting activities and giving priority to major projects like Ca Rong Do (Red Emperor) and Ca Voi Xanh (Blue Whale).

Particularly, the group will continue its business restructuring plan in 2016-2020 as approved by the Prime Minister.

In 2017, PVN strives to exploit some 23.81 million tonnes of oil equivalent, generate 20.1 billion kWh of electricity, and produce 1.52 million tonnes of nitrogenous fertilizer and about 6.8 million tonnes of gasoline.