Thursday, August 17, 2017 - 15:12:59

PVN’s revenue falls amid oil price drop

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Illustrative image (Source: VNA)
Hanoi (VNA) – Falling oil prices have affected the National Oil and Gas Group (PVN)’s targets on projected revenue and contribution to the State budget, said Do Chi Thanh, Deputy General Director of the group.

Thanh made the statement during an online conference held by the Ministry of Industry and Trade on November 30.

The group’s leader said the average oil price in the first 11 months of this year hovered around 55.60 USD per barrel, down 50.40 USD compared to the same period last year.

The falling price has resulted in low total revenue in the reviewed period by reaching only 511 trillion VND (about 23 billion USD) or equivalent to 74.2 percent of its yearly target.

PVN set its revenue for this year of 718.4 trillion VND (32.5 billion USD). Due to falling price in crude oil, the group’s revenue will face a loss of 163.4 trillion VND (7.4 billion USD).

From January to November, PVN contributed to the State budget a total of 108 trillion VND (4.9 billion USD), equivalent to 61 percent of the year’s target.

According to reports from PVN leaders, the basic indicators of its production were all achieved and expected. Specifically, its output of crude oil reached 17.19 million tonnes, exceeding 2.3 percent of its plan or up 8.9 percent over the same period last year.

Gas exploitation reached 9.7 billion cu.m, or 99 percent of its yearly plan and electricity production after 11 months also hit 20.01 billion kWh, exceeding 8.2 percent of the yearly target. Petroleum production also obtained 6.33 million tonnes, up 14 percent of the yearly target.-VNA
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