PetroVietnam surpasses business targets in Q1 hinh anh 1Illustrative image (Photo: PVN)
Hanoi (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam) surpassed its business targets by 4-16 percent, especially oil exploitation, in the first three months of the year.

Total revenue of the group topped 117.1 trillion VND (5.14 billion USD), exceeding its quarterly plan by 16 percent. The group posted an after-tax profit of 5.1 trillion VND (224.1 million USD), 18 percent higher than its target or accounting for 30 percent of yearly plan.

During the period, PetroVietnam’s tax payment to the state budget was 20.8 trillion VND (914.1 million USD), 12 percent more than its goal and up 19 percent year-on-year.

The group produced about 6.47 million of oil equivalent, surpassing the three-month plan by 5.3 percent. Gas exploitation in the period reached 2.52 billion cubic metres, 5.7 percent higher than the target.

In the first quarter, PetroVietnam produced 5.44 billion kWh of electricity, 1.69 million tonnes of petrol and some 447,000 tonnes of nitrogenous fertilizer.

The PVN said that its industrial production value was estimated at 116 trillion VND (5.1 billion USD) in the quarter, surpassing the target by 7.4 percent and accounting for 27 percent of its yearly plan.
In a bid to fulfill plan for the second quarter and the whole year, PVN General Director Nguyen Vu Truong Son said that the group has focused all resources and measures on ensuring the effective operation of its five core areas of oil and gas exploration and exploitation, electricity, gas, petrochemical industries and high-tech services.

It will also continue strict management of oil and gas exploring and exploiting activities and giving priority to major projects like Ca Rong Do (Red Emperor) and Ca Voi Xanh (Blue Whale).

Particularly, the group will continue its business restructuring plan in 2016-2020 as approved by the Prime Minister.

In 2017, PVN strives to exploit some 23.81 million tonnes of oil equivalent, generate 20.1 billion kWh of electricity, and produce 1.52 million tonnes of nitrogenous fertilizer and about 6.8 million tonnes of gasoline.-VNA