Business

PetroVietnam’s crude oil production surpasses target in Q1

The Vietnam Oil and Gas Group (PetroVietnam) has reported that its exploitation of crude oil in the first quarter of 2020 exceeded the target by 10 percent.
PetroVietnam’s crude oil production surpasses target in Q1 ảnh 1Illustrative image (Photo: VNA)


Hanoi (VNA) - The Vietnam Oil and Gas Group (PetroVietnam) has reportedthat its exploitation of crude oil in the first quarter of 2020 exceeded the target by 10 percent.

According to PetroVietnam, in the first quarter, the group also enjoyed highproduction of other products.

Electricity production reached 5.33 billion kWh, equivalent to 100 percent ofthe first quarter plan, and 24.7 percent of the annual target.

The firm produced 441,800 tonnes of nitrogenous fertilizer, and 3.41 million tonnesof petroleum, 5.5 percent and 2.5 percent higher than the set targets,respectively.

PetroVietnam contributed 20.8 trillion VND (883.6 million USD) to the Statebudget in the period, or 89.7 percent of its target for the quarter.

PetroVietnam and its subsidiaries have actively implemented a series of solutionsto maintain their production and business activities amid the COVID-19pandemic, which has led to a sharp drop in global crude oil prices and caused seriouslosses to the domestic oil and gas industry.

The group has strengthened cooperation with domestic businesses that havebusiness lines related to products they supply.

It has also monitored marketinformation related to the demand and price fluctuations of crude oil andpetroleum products, and outlined plans to take advantage of business opportunities./.

VNA
#COVID-19 #Vietnam Oil and Gas Group #exploitation #crude oil #first quarter #high production #State budget #oil and gas industry #Vietnamplus #Vietnam News #Vietnam News Agency #business opportunities #Vietnamplus #Vietnam News #Vietnam News Agency
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