The 1 million tonne Thi Vai LNG terminal is the first and largest LNG terminal in Vietnam. (Photo: VNA) Hanoi (VNA) – In the first nine months of this year, the State budget contribution and the pre-tax profit of the Vietnam Oil and Gas Group (Petrovietnam) exceeded the targets it set for the whole year.
The group’s state budget contribution and the pre-tax profit were estimated at 102.4 trillion VND ( 4.2 billion USD) and 42.5 trillion VND, exceeding the yearly targets by 31% and 22%, respectively.
Its total revenue was estimated to hit 575.8 trillion VND, equal to 85% of the yearly plan, and before-tax profit was estimated to exceed the target for the whole year by 8%.
In the period, Petrovietnam exploited 7.85 million tonnes of crude oil, 14.1% higher than the planned volume and accounting for 84.6% of the yearly target.
Illustrative photo (Photo: VNA) The group’s nine-month gas output reached 5.76 billion cubic metre, 11% higher than the planned volume for the period and accounting for 72.1% of the figure planned for the whole year.
It produced 17.55 billion kWh, exceeding 1.2% of the plan, up 45.6% over the same period in 2022, and 1.3 billion tonnes of nitrogen, exceeding 5.2% of the plan but down 4.8% year on year.
Petrovietnam’s nine-month revenue reached 643.2 trillion VND, exceeding 26% of the target set for the period and equal to 95% of the yearly plan.
Regarding investment activities, the group drastically removed bottlenecks to put many key projects and works into operation. The Thai Binh 2 thermal power plant was commissioned on April 27, 2023, easing pressure on electricity supply. Testing at the Dai Hung Nam-4X appraisal well has produced positive results, with a flow of about 6,350 barrels per day and 4.5 million cubic feet of gas per day, meeting conditions for commercial development and operation soon.
The group is also preparing to inaugurate the 1 million tonne Thi Vai LNG terminal - the first and largest LNG terminal in Vietnam, while accelerating projects including Nhon Trach 3 and 4 thermal power plants, and O Mon 3 and O Mon 4 power plant projects.
As of September 30, the group’s total consolidated assets are estimated to reach 998 trillion VND and its brand value reached nearly 1.4 billion USD, three times higher than that of 2019 with a brand strength index at AA-.
Petrovietnam is among the Top 10 most valuable brands in Vietnam (Brand Finance) and leads the most profitable enterprises in Vietnam in 2023 (PROFIT 500 - Vietnam Report).
Established on September 3, 1975, Petrovietnam is a state-owned corporation operating in the energy sector, including oil and gas and renewable energy. Currently, it has been developed into a fully integrated business model, ranging from exploration - production, refinery – petrochemical, gas industry, gas to power/fertilizer and petroleum technical services. As a leading corporation, the group plays a key role in accelerating the nation's economic growth, human resources development, international integration and overseas investment.
It is also considered a pioneer economic group in international cooperation and investment expansion abroad, with its over 10 oil and gas contracts currently being in the implementation phase across nine countries and territories worldwide.
In the past 50 years of development, the oil and gas industry is one of the country's main economic sectors contributing to ensuring national energy security. It also serves to protect national sovereignty at sea, and was one of the nation’s pioneering sectors in international cooperation, helping Vietnam rapidly integrate into the world economy./.
