The Vietnam National Oil and Gas Group (PetroVietnam) announced a turnover of 560 trillion VND (approximately 26.6 billion USD) for the last nine months, accounting for 84 percent of the annual target, in a press conference in Hanoi on October 8.
Chairman of PetroVietnam’s Member Council Nguyen Xuan Son said the group exceeded its targets of 5-22 percent for the January-September period.
During the 9-month period, the group achieved oil reserves and exploitation volumes of 28.53 million tonnes and 20.34 million tonnes, respectively, accounting for 81.5 percent and 79 percent of the annual plan.
Meanwhile, 11.92 billion kWh of energy were produced and fed into the national grid over the last nine months, 1.03 billion kWh more than planned, representing 76 percent of the annual target.
Production of fertiliser during the reviewed period reached 1.23 million tonnes, 81 percent of this year’s target.
The group contributed 125.5 trillion VND (nearly 5.9 billion USD) to the State budget during the period, 89.3 percent of the year’s objective. The figure is expected to reach 167 trillion VND by the end of the year, which is almost 20 percent more than initially expected for this year.
By the end of 2014, PetroVietnam aims to increase its oil reserves to 50-55 million tonnes and exploit 28 million tonnes of oil.
According to Son, the group generated a pretax profit of over 54 trillion VND (2.53 billion USD) during the last nine months, meeting 98.4 percent of the year’s target.
PetroVietnam worked hard to promote the equitisation of its subsidiaries. As scheduled, the PetroVietnam Ca Mau Fertilizer Ltd Co., the Binh Son Oil Refinery Ltd Co., and the Dung Quat Shipyard will be equitised by the end of 2015.
It has instructed its member companies to implement strict restructuring plans and the corporation-wide development strategy for 2025.
Additionally, the group highlighted the need to manage offshore exploration, mining development and exploitation in the East Sea; expand markets for bio-fuels; and run social welfare activities.-VNA
Chairman of PetroVietnam’s Member Council Nguyen Xuan Son said the group exceeded its targets of 5-22 percent for the January-September period.
During the 9-month period, the group achieved oil reserves and exploitation volumes of 28.53 million tonnes and 20.34 million tonnes, respectively, accounting for 81.5 percent and 79 percent of the annual plan.
Meanwhile, 11.92 billion kWh of energy were produced and fed into the national grid over the last nine months, 1.03 billion kWh more than planned, representing 76 percent of the annual target.
Production of fertiliser during the reviewed period reached 1.23 million tonnes, 81 percent of this year’s target.
The group contributed 125.5 trillion VND (nearly 5.9 billion USD) to the State budget during the period, 89.3 percent of the year’s objective. The figure is expected to reach 167 trillion VND by the end of the year, which is almost 20 percent more than initially expected for this year.
By the end of 2014, PetroVietnam aims to increase its oil reserves to 50-55 million tonnes and exploit 28 million tonnes of oil.
According to Son, the group generated a pretax profit of over 54 trillion VND (2.53 billion USD) during the last nine months, meeting 98.4 percent of the year’s target.
PetroVietnam worked hard to promote the equitisation of its subsidiaries. As scheduled, the PetroVietnam Ca Mau Fertilizer Ltd Co., the Binh Son Oil Refinery Ltd Co., and the Dung Quat Shipyard will be equitised by the end of 2015.
It has instructed its member companies to implement strict restructuring plans and the corporation-wide development strategy for 2025.
Additionally, the group highlighted the need to manage offshore exploration, mining development and exploitation in the East Sea; expand markets for bio-fuels; and run social welfare activities.-VNA
