Illustrative image (Photo: VNA) Hanoi (VNA) – The Vietnam Oil and Gas Group(PetroVietnam) reported that its pre-tax profit in the first six months of theyear surpassed the plan by 165 percent and tripled from that in the same periodlast year, reaching 21.3 trillion VND (926 million USD).
Thanks to global economic recovery and the COVID-19 pandemicbeing brought under control, PetroVietnam met and surpassed almost assignedtargets.
During the first half, PetroVietnam’s crude oil and condensateoutput surpassed the plan by 15 percent, contributing to fulfilling the goal oftapping 9.68 million tonnes of oil equivalent. The output of petrol, oil andfertiliser was also higher than the target.
The group’s total revenue hit 299.3 trillion VND, exceeding theplan by 20 percent and up 22 percent on a yearly basis. Its contribution to theState budget soared by 33 percent to 45.2 trillion VND.
With return on equity (ROE) reaching 4.6 percent in thefirst half, PetroVietnam was among oil and gas companies with the best ROE inthe world.
Its strategic products such as oil, gas, petroleum,electricity and fertiliser not only brought high revenue to the State budget butalso helped stabilise market prices, especially amid the complicateddevelopments of COVID-19 pandemic and the hike in prices of importednecessities.
Apart from efficient business activities, PetroVietnam alsoachieved encouraging results in investment. The group has gradually tackleddifficulties in delayed projects, and accelerated the building of value chains totap the advantages and strength of member companies. As of the end of June, itlaunched 19 connectivity chains.
(Source: vneconomy.com)
The group also cut costs by over 1.6 trillion VND, or 62percent of its plan.
In response to the Government’s appeal, PetroVietnam has sofar donated over 500 billion VND to the national COVID-19 vaccine fund andsupported anti-pandemic work in localities nationwide. The group’s nearly10,000 employees have been vaccinated against COVID-19.
Chairman of the PetroVietnam’s Board of Directors Hoang QuocVuong said challenges remain in the last half of this year, especially amid thecomplicated developments of the COVID-19 pandemic with the emergence of newvariants and uncertain oil prices.
In the current context, units need to stay united and helpeach other fulfill assigned plans, especially those in value chains, Vuongsaid.
PetroVietnam General Director Le Manh Hung said in order toreach 2021 targets, PetroVietnam and its affiliates need to stay updated andimprove forecast about macro-economic situation and markets, in order to timelyand flexibly adjust management measures.
The group is also taking synchronous measures to keep itsstaff safe from the pandemic, thus preventing disruption to production.
PetroVietnam will also expand the markets of gas, petrochemicaland other products; improve management work, tackle difficulties in productionand trade in State management agencies.
At the same time, it is continuing to optimise investment, productioncosts, connectivity chains and increase mutual support among units.
The Politburo issued Resolution No 41-NQ/TW,dated July 23, 2015, on the strategy for developing Vietnam’s oil and gasindustry to 2025 and vision to 2035, and Resolution No 55-NQ/TW, dated February11, 2020, on the national energy development strategy to 2030 and vision to2045. Both resolutions stress that PetroVietnam must further apply scientificand technological advances in petroleum exploitation as well as the productionand trading of oil and gas, electricity, fertiliser, and new energy such asshale oil, gas hydrate, and hydrogen gas, so as to guarantee national energysecurity.
The group’s development strategy alsoemphasises the overall goal of building strong scientific and technologicalcapacity by adopting breakthrough solutions, which is considered a foundationfor PetroVietnam to accelerate its growth and develop sustainably.
Over its 60 years of development, PetroVietnamhas worked to improve its sci-tech development and application capacity,adopted advanced techniques and technologies, and made the best use of existingtechnologies in order to keep up with its counterparts in the region and theworld./.
Thanks to global economic recovery and the COVID-19 pandemicbeing brought under control, PetroVietnam met and surpassed almost assignedtargets.
During the first half, PetroVietnam’s crude oil and condensateoutput surpassed the plan by 15 percent, contributing to fulfilling the goal oftapping 9.68 million tonnes of oil equivalent. The output of petrol, oil andfertiliser was also higher than the target.
The group’s total revenue hit 299.3 trillion VND, exceeding theplan by 20 percent and up 22 percent on a yearly basis. Its contribution to theState budget soared by 33 percent to 45.2 trillion VND.
With return on equity (ROE) reaching 4.6 percent in thefirst half, PetroVietnam was among oil and gas companies with the best ROE inthe world.
Its strategic products such as oil, gas, petroleum,electricity and fertiliser not only brought high revenue to the State budget butalso helped stabilise market prices, especially amid the complicateddevelopments of COVID-19 pandemic and the hike in prices of importednecessities.
Apart from efficient business activities, PetroVietnam alsoachieved encouraging results in investment. The group has gradually tackleddifficulties in delayed projects, and accelerated the building of value chains totap the advantages and strength of member companies. As of the end of June, itlaunched 19 connectivity chains.
(Source: vneconomy.com) The group also cut costs by over 1.6 trillion VND, or 62percent of its plan.
In response to the Government’s appeal, PetroVietnam has sofar donated over 500 billion VND to the national COVID-19 vaccine fund andsupported anti-pandemic work in localities nationwide. The group’s nearly10,000 employees have been vaccinated against COVID-19.
Chairman of the PetroVietnam’s Board of Directors Hoang QuocVuong said challenges remain in the last half of this year, especially amid thecomplicated developments of the COVID-19 pandemic with the emergence of newvariants and uncertain oil prices.
In the current context, units need to stay united and helpeach other fulfill assigned plans, especially those in value chains, Vuongsaid.
PetroVietnam General Director Le Manh Hung said in order toreach 2021 targets, PetroVietnam and its affiliates need to stay updated andimprove forecast about macro-economic situation and markets, in order to timelyand flexibly adjust management measures.
The group is also taking synchronous measures to keep itsstaff safe from the pandemic, thus preventing disruption to production.
PetroVietnam will also expand the markets of gas, petrochemicaland other products; improve management work, tackle difficulties in productionand trade in State management agencies.
At the same time, it is continuing to optimise investment, productioncosts, connectivity chains and increase mutual support among units.
The Politburo issued Resolution No 41-NQ/TW,dated July 23, 2015, on the strategy for developing Vietnam’s oil and gasindustry to 2025 and vision to 2035, and Resolution No 55-NQ/TW, dated February11, 2020, on the national energy development strategy to 2030 and vision to2045. Both resolutions stress that PetroVietnam must further apply scientificand technological advances in petroleum exploitation as well as the productionand trading of oil and gas, electricity, fertiliser, and new energy such asshale oil, gas hydrate, and hydrogen gas, so as to guarantee national energysecurity.
The group’s development strategy alsoemphasises the overall goal of building strong scientific and technologicalcapacity by adopting breakthrough solutions, which is considered a foundationfor PetroVietnam to accelerate its growth and develop sustainably.
Over its 60 years of development, PetroVietnamhas worked to improve its sci-tech development and application capacity,adopted advanced techniques and technologies, and made the best use of existingtechnologies in order to keep up with its counterparts in the region and theworld./.
VNA
