Quang Ngai-based Dung Quat Oil Refinery being operated by Binh Son Refining and Petrochemical Company Limited, a member of the Vietnam National Oil and Gas Group (Source: VNA)

Hanoi (VNA) – The Vietnam National Oil and Gas Group (PVN) earned 253 trillion VND (11.3 billion USD) in revenue and paid 50.7 trillion VND to the State budget in the first seven months of this year.

Do Chi Thanh, PVN Deputy General Director, said the group exploited 10.32 million tonnes of crude oil and 6.56 billion cubic metres of gas in the first seven months, including 1.41 million tonnes of crude oil and 910 million cubic metres of gas in July.

With regard to petrol and oil production, Thanh said PVN produced 3.96 million tonnes of petrol and oil in the first seven months, with 584,400 tonnes in July itself.

In the world market, the price of crude oil in July fell by 3 USD per barrel to touch 47 USD against June, Thanh said, adding that the average price of the product in the first seven months dropped by 18 USD year-on-year to reach 41.5 USD per barrel.

“The group expects to achieve its targets in production and business for this year, despite the reduction in crude oil prices in the world market,” Thanh said.

To achieve its targets, the group would give priority to highly efficient projects and would review all factors affecting crude oil and gas output this year.-VNA