Business

PetroVietnam earnings hit 7.2b USD amid price flux

The PetroVietnam Group earned 151.2 trillion VND (7.2 billion USD) in the first quarter of this year, despite challenges caused by fluctuating oil prices, the national petroleum group announced on April 6.
The PetroVietnam Group earned 151.2 trillion VND (7.2 billion USD) inthe first quarter of this year, despite challenges caused by fluctuatingoil prices, the national petroleum group announced on April 6.

"This figure is a year-on-year increase of 59.4 percent, representing30.2 percent of our annual target," said Deputy Director General Le MinhHong.

PetroVietnam has already sold 2.7 billion USD todomestic banks in line with a Government request to free up foreigncurrency, and the group is expected to pay about 36.5 VND trillion (1.74billion USD) in taxes for the first quarter of this year, ayear-on-year increase of 35 percent.

"PetroVietnamproduced 6.02 million tonnes of oil, including 3.68 million tonnes ofcrude oil in Q1," said Hong, adding that the group had sold 3.65 milliontonnes of the crude oil.

Of this number, he added, 1.96million tonnes were for export, 1.56 million tonnes went to the DungQuat Refinery and 131,000 tonnes were both exploited and sold in foreigncountries.

"The group also produced 2.33 billion cu.m of gas, and 218,400 tonnes of urea fertiliser," Hong said.

During the first quarter, PetroVietnam started work on eight new projects and inaugurated 14.

However, work was put on hold at 19 projects with a total investmentcapital of 582 billion VND (27.7 million USD), but processing time wasextended at 45 others, worth 6 trillion VND (285.7 million USD).

"These decisions were taken following the Government's direction oninspecting projects and investment," said PetroVietnam General DirectorPhung Dinh Thuc.

Thuc affirmed that these projects had been carefully examined.

"We have checked a large number of projects and postponed and extendedwhere we can. Urgent and on-going projects will not be on the list,"Thuc said, affirming that the moves will not affect any power projects.

He also added that the inspections will continue in the future.

In the second quarter, PetroVietnam expects to reach a revenue of 152.12 trillion VND (7.25 billion USD)./.
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