PetroVietnam overfulfills most set targets in first three quarters

Illustrative image (Photo: VNA)

Hanoi (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam) has fulfilled and surpassed most of the production targets set for September and the first nine months of this year. 

The group produced 8.99 million tonnes of petrol and oil in the period from January to September, surpassing the goal for the period by 5.6 percent and fulfilling 79.2 percent of the yearly plan.

PetroVietnam also turned out 1.1 million tonnes of nitrate in the reviewed period, up 8 percent compared to the set target for the period and fulfilling 76.6 percent of the yearly plan.

The electricity output of the entire group reached 16.42 billion kWh, an increase of 4.3 percent from the targeted output and equivalent to 76 percent of the yearly target.

The group also overfulfilled all financial targets set for the first nine months of the year.

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 9.5 percent increase from the monthly target.

Total revenues for the nine-month period added up to 560.6 trillion VND (over 24.1 billion USD at current exchange rate), surpassing the period’s plan by 12 percent and fulfilling 92 percent of the yearly plan.

The group contributed 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 nine months, up 11.1 percent from the period’s plan and equivalent to 89 percent of the yearly plan.

All the four subsidiaries of PetroVietnam, namely Rusvietpetro, PTSC (PetroVietNam Technical Services Corporation), PVGas (Petrovietnam Gas Corporation) and PVTrans (PetroVietnam Transportation Corporation), have overfulfilled financial targets for the years.

It is noteworthy that PetroVietnam has earned a BB by the world leading rating agency Fitch Ratings, reflecting its success in reforming corporate governance. Fitch Ratings offered PetroVietnam a standalone credit profile at ‘bb ’, and first-time long-term foreign-currency issuer default rating (IDR) at ‘BB’ with a positive outlook.

The State-owned group maintained its top position in the list of the top 500 most profitable enterprises in Vietnam 2019 announced by the Vietnam Report.

PetroVietnam reported that its total volume of oil and gas exploitation amounted to 23.98 million equivalent tonnes last year, exceeding the yearly target by 5 percent.

Meanwhile, the group posted an estimated revenue of 27 billion USD, up 25.9 percent from 2017. It contributed some 5.22 billion USD to the State budget, an annual increase of 24.3 percent.

The Government has assigned Minister of Industry and Trade Tran Tuan Anh to take the main responsibility for power projects, while Chairman of the Committee on State capital management at enterprises Nguyen Hoang Anh is responsible for issues relating to the removal of difficulties for key projects such as Long Phu 1, Song Hau 1, and Thai Binh 2, ensuring their progress.

The Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro) has successfully launched the topside block of BK-20 drilling rig, belonging to Bach Ho field. Its subsidiaries had designed this construction work as well as procured and manufactured many important items.

Furthermore, Vietsovpetro won a high prize at the seventh science and technology competition for young professionals in Russia

PetroVietnam claimed the second prize at a national contest on labour hygiene and safety in 2019.

The Ca Mau fertiliser factory has completed the overall maintenance in 2019 and resumed operation to serve the local demand for fertiliser in the winter-spring season.

The Binh Son Refining and Petrochemical Joint Stock Company took the lead in oil and gas service on financial administration capacity in 2018.

Mechanical services for manufacturing oil and gas rigs meet international standards as well as domestic demand and export./.