Oil group pays nearly 2.6 billion USD to state in seven months

13:38 | 10/08/2019 Industry

The Vietnam Oil and Gas Group (PVN) contributed nearly 60 trillion VND (2.59 billion USD) to the state budget in the first seven months of 2019, seven percent above its target.

oil group pays nearly 26 billion usd to state in seven months
PVN contributes nearly 60 trillion VND (2.59 billion USD) to the state budget during January-July - Source: VNA

In the period, the group’s total revenue is estimated at 433 trillion VND, equivalent to 70.7 percent of its yearly plan. The State-owned firm generated around 13.24 billion kWh of electricity, and produced 851,000 tonnes of nitrogenous fertiliser, 2.3 percent and 10 percent above its targets, respectively.

To fulfill this year's business goals, the group will keep a close eye on global oil prices, according to the PVN. The firm also plans to rationally balance production output, export and processing of oil-gas and electricity so as to ensure targets set by the Government on raising gross domestic product, state budget collection and national energy security.

It will also promote the use of scientific and technological solutions to improve efficiency and take concerted financial measures to deal with negative developments in the world’s crude oil prices this year.

Theo VNA