Hanoi (VNA) – In the first four months of this year, the Vietnam Oil and Gas Group (Petrovietnam) exploited 3.38 million tonnes of crude oil and 2.3 billion cubic metre of gas, 20.7% and 36% higher than the respective four-month targets, heard a recent conference of the group.
Meanwhile, it produced 634,000 tonnes of fertilizer, 9.82 billion kWh of electricity, and 1.78 million tonnes of petrol and oil (excluding Nghi Son refinery's output) during the period, 7%, 2.3%, and 30.3% higher than the targets, respectively.
Thanks to good management of fluctuations, although prices of Petrovietnam's key products, especially petrochemical profit margins decreased by 24.5% over the same period in 2023, its main financial indicators exceeded 27 - 89% of the plans.
Specifically, the total four-month revenue is estimated at 308.2 trillion VND (12.1 billion USD), up 34% from the plan and 18% year on year. The group contributed about 42.3 trillion VND to the state budget, soaring 44% from the plan and 15% from a year earlier. Its consolidated pre-tax profit is estimated at 14.9 trillion VND, 74% higher than the plan.
Over the past four months, 14 units of Petrovietnam posted growth of between 4 - 76% in revenue and 7% - 2.5-fold in pre-tax profit compared to the same period last year.
In April alone, most of the firm's production and business aspects rose 1% - 35.2% from the plans. Specifically, it exploited 0.84 million tonnes of crude oil and 615 million cubic metres of gas, and produced 157,000 tonnes of fertilizer, respectively 25%, 46%, and 5.8% higher than planned.
In particular, Petrovietnam's power plants and related units operated safely and stably at high capacity, ensuring maximum power supply for the national grid amid high risk of power shortage.
It turned out 3.19 billion kWh of electricity last month, 12.3% higher than the plan and increasing 22.3% from March.
Its average daily electricity output reached 106 million kWh, the highest since the beginning of 2024 and increasing 26.4% from March.
On April 27, its power generation system reached the highest output of 111.3 million kWh.
At the conference, Chairman of the Petrovietnam Members Council Le Manh Hung asked units to focus on forecasting and assessing risks during the implementation of their production and business plans, tightening cost control, removing obstacles, and promoting production and business, particularly in units facing difficulties or suffering losses.
General Director Le Ngoc Son instructed all units to strictly follow governance plans to carry out production and business activities, prepare fuel supply for electricity plants, properly manage investment portfolio, and tackle bottlenecks to better investment and financial activities in the coming time.
He also demanded them push forward with restructuring under the Prime Minister-approved plan./.
