PetroVietnam’s State budget payment surpasses 2021 target

The Vietnam Oil and Gas Group (PetroVietnam) has surpassed important business and financial targets set for the first nine months of 2021, with its contribution to the State budget fulfiling the yearly plan.

Amid the COVID-19 pandemic, PetroVietnam adopted a number of response measures, including forecasting, flexible management, and connecting links in the value chain, which helped the firm maintain production and trade, as well as expand markets.

In the past nine months, its oil equivalent output reached 8.2 million tonnes, surpassing the target by 13%. Its total revenue also exceeded the plan by 16% to VND437.8 trillion (US$19 billion) while its contribution to the State budget hit VND65.9 trillion, higher than the yearly target by 5% and up 17% year-on-year.

PetroVietnam also put the Su Tu Trang (White Lion) oil field into operation as scheduled, and ensured the progress of other fields such as BK-18A and BK-19.

As the Song Hau 1 and Thai Binh 2 thermal power plants are to be operational soon, the first turbine of the Song Hau 1 plant is expected to be put into commercial operation in early November.

As of September 30, PetroVietnam donated VND775.8 billion to the fight against COVID-19, including VND554.9 billion to the national COVID-19 vaccine fund.

During the nine-month period, the company saved over VND2.2 trillion, or 80.9% of this year’s plan.

On September 9, the international credit rating agency Fitch Ratings assessed PetroVietnam’s standalone credit profile at BB . It also affirmed the group’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Positive Outlook as well as senior unsecured rating at 'BB'.

PetroVietnam General Director Le Manh Hung said in order to achieve the 2021 business and financial targets, PetroVietnam will continue flexibly adapting to the pandemic developments, thereby seeking measures to grasp growth recovery opportunities.