PetroVietnam surpasses first quarter targets

09:33 | 19/03/2018 Energy

The Vietnam National Oil and Gas Group (PetroVietnam) surpassed all targets set for the first quarter this year by 4-15 percent in early March. 

Illustrative image - Source: VNA

In the first two months this year, the group tapped 4.13 million tonnes of oil, produced 3.56 billion kWh of electricity, 281,800 tonnes of nitrate and 1.13 million tonnes of petrol.

The total revenue exceeded the target by 12 percent, marking a 16 percent increase annually while revenue to the State budget rose 12 percent year-on-year and surpassed the plan by 30 percent.

The Vietnam – Russia joint venture Vietsovpetro, the PetroVietnam Exploration Production Corporation, the Rusvietpetro, the Binh Son Refinery, the PetroVietnam Power Corporation, the PetroVietnam Fertiliser and Chemicals Corporation, the PetroVietnam Ca Mau Fertiliser JSC also performed well.

All of its affiliates completed financial targets in terms of earnings, profit and revenue to the State budget.

PetroVietnam President Tran Sy Thanh will continue closely overseeing the construction of mines and facilities and safely operate oil and gas plants and works.

The group will also divest in firms in 2017-2020 as approved by the Prime Minister, deal with difficulties faced by five weak projects, and hasten the construction of gas – electricity chain at Lot B, thermal power plants Long Phu 1, Song Hau 1 and Thai Binh 2.

Theo VNA