PetroVietnam (PVN) has announced a post-tax revenue of 27.5 trillion VND (1.3 billion USD) in the first six months of the year, representing a 53.2 percent year-on-year increase.

Le Minh Hong, PVN’s Deputy General Director, revealed the figures at a press conference held in Hanoi on July 8.

He said that the group has met all of its targets for the first six months and improved from last year.

Accordingly, the combined revenue of the company, including all of its subsidiaries, totalled 36-43 trillion VND, according for 56.3 percent of the year’s targets.

In the first half of the year, the group contributed 82.8 trillion VND to the State budget – 11.9 trillion VND higher than the set target.

Hong added that in terms of cooperate finance criteria, PVN posted total revenue of 181.3 trillion VND, showing16.5 percent above its targets.

He claimed the group’s oil production was 13.64 million tones, an increase of 4.6 percent over the corresponding period last year.

It also produced and supplied 9.05 billion kWh to the national power grid, representing a 17 percent increase over last year.

It discovered four new gas mines and began the exploitation of three new mines. PVN produced 3.27 million tonnes of petrol in the six month period, posting 38.3 percent over the same period last year.

Speaking at the conference, PVN’s Chairman Phung Dinh Thuc said plans for restructuring were underway having been approved by the Prime Minster at the beginning of the year.

He said that 19 of the group’s companies this month would be updated about the restructure and provided with clear guidelines.

In the second quarter, PVN planned to raise its oil and gas production to 12.37 million tonnes of oil equivalent (TOE), including 7.85 million tonnes of crude oil and 4.52 billion cubic metres of gas.

It has targeted a turnover of 331 trillion VND in the last six months of the year, bringing the total of the whole year to 696 trillion VND.

PVN expects to sign 2-5 new oil contracts and bring five mines into operation including two in the country and three other overseas.-VNA