PetroVietnam’s 10-month profits surpass annual target

Illustrative image (Source: vneconomy)

Hanoi (VNA) - The National Oil and Gas Group (PetroVietnam) earned 367.2 trillion VND (equivalent to 16.5 billion USD) in revenues in the first ten months of 2016, 5 percent higher than the target set for the period and fulfilling 84 percent of its yearly goal.

The group’s after-tax profits hit 18 trillion VND (some 800 million USD), 11 percent higher than the target set for the year.

In the period, PetroVietnam’s subsidiaries exploited 23.4 million tonnes of oil equivalent, equal to 91.3 percent of the annual target.

Production of other products also surpassed its goals in the reviewed period, with electricity; nitrate and gasoline outputs achieving 17.6 billion KWh, 1.3 million tones and 5.6 million tones, respectively.

A sharp drop in oil prices has impacted on PetroVietnam’s revenues, profits and exploitation and production activities. The group has also met with difficulties in performing several key investment projects.

However, the group has taken many measures to better its administration and production, focusing on financial, business and market management, and investment plans.

It has planned to exploit 6.5 million tonnes of oil equivalent, including 3.9 million tonnes of crude oil and 2.6 billion cubic metres of gas in the fourth quarter of this year.

The plan aims to lift the total output in the year to 27.6 million tonnes of products, raking in 514 .5 trillion VND (23.15 billion USD) in revenues and contributing 104.2 trillion VND (4.7 billion USD) to the State budget.-VNA