Oil and Gas Group PetroVietnam achieved 65 percent of its 2014 target after it earned 434 trillion VND (20.4 billion USD) in profits in the first seven months of the year.

From January to July, the State-owned company produced 16.09 million tonnes of oil equivalent (TOE), which was 2.2 percent higher than that of the same period last year. In July alone, total production volume was 2.22 million TOE.

The group produced 2.88 million tonnes of oil and petroleum in the first seven months while Dung Quat Oil Refinery Plant provided 2.68 million tonnes and Phu My Condensate contributed 200,000 tonnes.

At an online meeting of the Ministry of Industry and Trade on August 5, Nguyen Vu Truong Son, PetroVietnam Deputy General Director, said his group contributed 96.3 trillion VND (4.5 billion USD) to the State budget from January to July, or 1 percent more year-on-year.

In the latter part of the year, the group aimed to promote production and business and continue its restructuring plan (including the withdrawal of capital from its non-core businesses), equitisation and adjustment of its development strategy by 2015 and towards 2035, Son said.

It would continue developing consumption markets for new products, including fibre and bio fuel, the PetroVietnam Deputy General Director added.

This year, the group plans to produce 26.63 million tonnes of crude oil and gas, of which 16.83 million tonnes will be crude oil, and 4.76 million tonnes of petroleum and oil products. The group needs 100 trillion VND (4.74 billion USD) in capital for these projects.

PetroVietnam is expected to gain a year-on-year increase of 6.8 percent in its total revenue to 673.3 trillion VND (31.91 billion USD) for this year.-VNA