PetroVietnam contributes US$1.79 bln to State budget in five months

09:36 | 21/06/2018 Energy

The National Oil and Gas Group (PetroVietnam) has contributed 40.8 trillion VND (US$1.79 billion) to the State budget in the first five months of 2018, exceeding the plan by 32 percent and representing 55 percent of the yearly target.

petrovietnam contributes 179 bln usd to state budget in five months
Drilling system at Bach Ho will - Source: pvn.vn

According to the PetroVietnam, in the past five months, petrol market saw unexpected developments, negatively affecting the firms’ business.

In the first five months of this year, the group put the Bungka Pakma – PM3CAA field into operation from May 12, a month and 19 days earlier than the plan.

Total production of the firm in May reached 10.44 million tonnes of oil, exceeding the plan for the five-month period by 2.7 percent and representing 45.7 percent of the target for the whole year.

Alongside, the firm also produced 9.8 billion kWh of power in the January-May period, surpassing its plan by 6.1 percent, along with 695,000 tonnes of nitrogen, and 2.69 million tonnes of petroleum.

At the same time, PetroVietnam’s revenue in the first five months of this year hit 234.5 trillion VND, 21 percent higher than its plan. The group’s after-tax profit reached 9.8 trillion VND, exceeding the plan by 15 percent and fulfilling 51 percent of its yearly target.

Theo VNA