PetroVietnam exceeds targets two months before year-end

Hanoi (VNA) – The Vietnam Oil and Gas Group (PetroVietnam) has exceeded its set yearly targets in terms of revenue, profit and state budget contribution two months before the year-end.

The group’s total revenue reached 627.74 trillion VND (27 billion USD) in the first 10 months of this year, 10.4 percent higher than the 10-month target and 2.5 percent higher than the yearly plan.

It contributed 86.42 trillion VND (3.72 billion USD), exceeding the 10-month plan by 10 percent.

During the period, the firm has exerted efforts to reach the targets against the backdrop of declining price of Brent crude oil which was fluctuating around 60 – 62 USD per barrel, much lower than the projected level of 65 USD per barrel.

Along with oil and gas, the group also enjoyed high production of other products. It produced 18.55 billion kWh of electricity, 1.26 million tonnes of fertilizer and 9.9 million tonnes of petroleum, surpassing 5.1 percent, 8.1 percent and 5.5 percent of the targets, respectively.

Last year, PetroVietnam’s total revenue reached 626.8 trillion VND, an increase of 26 percent compared to 2017, and it contributed 121.3 trillion VND to the State budget, up 24 percent year-on-year./.