At White Lion oil rig (Photo: Petrovietnam)
Hanoi (VNA) – The Vietnam Oil and Gas Group (Petrovietnam) posted the highest revenue in October since the beginning of this year, reported its General Director Le Manh Hung at a recent monthly meeting.
During the month, all production figures of Petrovietnam exceeded the monthly plan. The oil extraction volume reached 0.85 million tonnes, surpassing by 4.2%. Cumulatively for 10 months, it reached 8.7 million tonnes, or 13.1% higher than the 10-month target.
The gas extraction volume hit 0.62 billion cu.m, exceeding the monthly plan by 4.6%. The 10-month volume was 6.38 billion cu.m, or 9.7% higher than the initial plan. The electricity production reached 1.91 billion kWh in October and 19.54 billion kWh in 10 months, up 2.4% and 1.7% from respective plans, respectively.
The fertiliser production in October stood at 161.800 tonnes, or 9.6% higher than the set goal. It reached 1.46 million tonnes in 10 months, topping the plan by 5.9%. Meanwhile, the petrol production, excluding the products of Nghi Son refinery and petrochemical company, reached 6.08 million tonnes, or two months ahead of schedule, up 5.9% annually.
The group’s total revenue was estimated at 745 trillion VND (31 billion USD) in 10 months, surpassing the annual plan by 10%. Its contribution to the State budget topped the target by 54% to 121 trillion VND.
On October 30, Petrovietnam and its partners signed contracts and launched the Block B - O Mon gas-to-power project chain, marking a crucial milestone for this chain that has been ongoing for nearly two decades. As the largest of its kind in Vietnam, the chain is expected to produce 5.06 billion cu.m of gas per year during the stable phase, providing supply to four O Mon thermal power plants in Can Tho with a total installed capacity of nearly 4,000 MW.
On October 29, Petrovietnam and PV GAS inaugurated the Thi Vai liquefied natural gas (LNG) port with an annual capacity of 1 million tonnes, which is also the first and largest LNG port in Vietnam,
Concluding the meeting, General Director Hung highlighted specific tasks in the coming time, including regularly updating and forecasting macroeconomic and market conditions to plan and manage operations effectively, increasing production capacity, ensuring operational safety and usability of power plants and electricity output to contribute to power supply for the economy, flexibly manage production, inventory, and business operations, reviewing and controlling cash flow safety.
He called for continuing to improve the internal management system, especially processes, regulations, and rules; and dealing with issues in accordance with the conclusions of the State Audit Office; completing the 5-year plan and the 2024 plan, while setting comprehensive management objectives from the beginning of next year.
In particular, he suggested establishing a steering committee in charge of implementing the Petrovietnam’s restructuring scheme for the 2021-2025 period recently approved by the PM. The committee must thoroughly analyse the restructuring work for each sector and area, assign specific tasks, and propose concrete solutions to successfully accomplish the set goals./.
