Hanoi (VNA) - The Vietnam Oil and Gas Group (PetroVietnam) contributed more than 19.02 trillion VND (823.7 million USD) to the State budget in the first three months of 2021, a 3 percent increase against the same period last year and 18 percent higher than its quarterly plan.

Seventeen of its 22 subsidiaries posted profits, 12 of which recorded growth thanks to efforts to promote cost savings totalling over 2.83 trillion VND.

Uncertainties remain for the remaining months of the year, PetroVietnam Chairman Hoang Quoc Vuong said, with a high risk of geopolitical issues and trade tensions and the unpredictable developments of the COVID-19 pandemic.

He urged all subsidiaries to keep a close watch on the global oil price and production and continue restructuring, cutting costs, and improving operational efficiency.

In the first two months of the year, the State-owned group exploited 3.07 million tonnes of oil equivalent and produced 2.9 billion kWh of electricity, 272,700 tonnes of nitrogenous fertiliser, and 1.1 million tonnes of oil and petrol.

Its turnover stood at 94.5 trillion VND (nearly 4.1 billion USD) while budget contributions were estimated at 11.44 trillion VND, surpassing the targets by 1 percent and 9 percent, respectively./.