Illustrative image (Photo: VNA) Hanoi (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam) hasfulfilled and surpassed most of the production targets set for September andthe first nine months of this year.
The groupproduced 8.99 million tonnes of petrol and oil in the period from January toSeptember, surpassing the goal for the period by 5.6 percent and fulfilling79.2 percent of the yearly plan.
PetroVietnamalso turned out 1.1 million tonnes of nitrate in the reviewed period, up 8percent compared to the set target for the period and fulfilling 76.6 percentof the yearly plan.
Theelectricity output of the entire group reached 16.42 billion kWh, an increaseof 4.3 percent from the targeted output and equivalent to 76 percent of theyearly target.
The groupalso overfulfilled all financial targets set for the first nine months of theyear.
Specifically,aggregate revenue of the group in September was estimated at 61.4 trillion VND(over 2.64 billion USD at current exchange rate). The figure represents a 9.5percent increase from the monthly target.
Totalrevenues for the nine-month period added up to 560.6 trillion VND (over 24.1billion USD at current exchange rate), surpassing the period’s plan by 12percent and fulfilling 92 percent of the yearly plan.
The groupcontributed an estimated 8.7 trillion VND to the State budget in September,16.4 percent more than targeted, and 78.5 trillion VND in the reviewed ninemonths, up 11.1 percent from the period’s plan and equivalent to 89 percent ofthe yearly plan.
All thefour subsidiaries of PetroVietnam, namely Rusvietpetro, PTSC (PetroVietNam Technical ServicesCorporation), PVGas (PetrovietnamGas Corporation) and PVTrans (PetroVietnam TransportationCorporation), have overfulfilled financial targets for the years.
It isnoteworthy that PetroVietnam has earned a BB by the world leading ratingagency Fitch Ratings, reflecting its success in reforming corporate governance.Fitch Ratings offeredPetroVietnam a standalone credit profile at ‘bb ’, and first-time long-termforeign-currency issuer default rating (IDR) at ‘BB’ with a positive outlook.
The State-owned group maintained its top position in the list of the top500 most profitable enterprises in Vietnam 2019 announced by the VietnamReport.
PetroVietnam reportedthat its total volume of oil and gas exploitation amounted to 23.98 millionequivalent tonnes last year, exceeding the yearly target by 5 percent.
Meanwhile, the group posted an estimated revenue of 27 billionUSD, up 25.9 percent from 2017. It contributed some 5.22 billion USD to theState budget, an annual increase of 24.3 percent.
The Government has assigned Minister of Industry and Trade Tran Tuan Anhto take the main responsibility for power projects, while Chairman of theCommittee on State capital management at enterprises Nguyen Hoang Anh isresponsible for issues relating to the removal of difficulties for key projectssuch as Long Phu 1, Song Hau 1, and Thai Binh 2, ensuring their progress.
The Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro) hassuccessfully launched the topside block of BK-20 drilling rig, belonging toBach Ho field. Its subsidiaries had designed this construction work as well asprocured and manufactured many important items.
Furthermore, Vietsovpetro won a high prize at the seventh science andtechnology competition for young professionals in Russia
PetroVietnamclaimed the second prize at a national contest on labour hygiene and safety in2019.
The CaMau fertiliser factory has completed the overall maintenance in 2019 andresumed operation to serve the local demand for fertiliser in the winter-springseason.
The BinhSon Refining and Petrochemical Joint Stock Company took the lead in oil and gasservice on financial administration capacity in 2018.
Mechanicalservices for manufacturing oil and gas rigs meet international standards aswell as domestic demand and export./.
