At a meeting of Petrovietnam (Photo: VNA) Hanoi (VNA) – Vietnam's State-owned oil and gas giantPetrovietnam has defied rising market risks with a strong performance inthe first two months of this year, recording a 19% year-on-year increase in turnoverand a 5% growth in its contribution to the State budget.
Petrovietnam surpassedor met most of its production targets, with some exceeding expectations by asmuch as 30%. Oil extraction reached 1.66 million tonnes, 19% higher than the target, while gasextraction hit 1.07 billioncubic meters, surpassing the plan by 30%, although this figure stillrepresented only 87% of the group's total supply capacity.
Production of keyproducts like urea, NPK fertilisers, liquefied natural gas (LNG), petroleumproducts, and polypropylene also exceeded targets by 6-14%, contributingsignificantly to Vietnam's socio-economic development.
Notably, thePetrovietnam Fertiliser and Chemicals Corporation (PVFCCo) achieved fertiliserexports equivalent to its total sales for the entire 2023. Ca Mau fertiliserssuccessfully entered the demanding markets of Australia and New Zealand whilesolidifying their presence in existing American markets. Additionally, PV GAS started supplying LNG to industrial customers from March 15.
Despite a 3-15%decrease in the prices of key products during the period, Petrovietnamsuccessfully achieved all its financial targets, exceeding the plan by 18-48%. Itstotal revenue was estimated at 149.6 trillion VND (6.23 billion USD) whileState budget contribution hit 20.6 trillion VND, or 28% and 18% higher than thetargets, respectively.
The group alsowitnessed a substantial 58.6% year-on-year increase in its total investmentvalue, topping 3.1 trillion VND.
To fulfill its businessplan for the first quarter and beyond, Petrovietnam CEO Le Ngoc Son instructedall units to continue closely working with ministries and relevant agencies to finaliselegal documents, firstly mechanisms and policies related to LNG and electricityas it is a crucial task for the group’s ongoing development across all stages,from exploration, and exploitation to production and sale./.
