PVN’s business result exceeds set target

13:36 | 20/07/2019 Energy

The Vietnam Oil and Gas Group (PVN) gained 365.5 trillion VND (15.78 billion USD) in revenue in the first half of this year, or 18 percent higher than its six-month plan, heard a conference held by the group on July 17.

The PVN gained 365.5 trillion VND (15.78 billion USD) in revenue in the first half of this year - Photo: VNA

The corporation contributed more than 53 trillion VND to the state budget, 15 percent above its target.

During January-June, the State-owned firm generated around 11.52 billion kWh of electricity, exceeding its set plan by 246 million kWh, and produced 705,800 tonnes of nitrogenous fertiliser, or 71,000 tonnes higher than the goal.

Meanwhile, petroleum production hit 5.66 million tonnes, surpassing its plan by 48,000 tonnes.

The group enjoyed a solid first half despite considerable challenges, including slower recovery of crude oil prices, shortage of capital to carry out large projects, and decline in oil reserves, among others.

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 solutions and technology to improve efficiency.

Theo VNA