PVTrans fulfills annual plan ahead of schedule

08:24 | 15/11/2018 Industry

(VEN) - Thanks to satisfactory business results achieved by the corporation and its subsidiaries, consolidated revenue of the PetroVietnam Transportation Corporation (PVTrans) reached an estimated VND5.7 trillion in the first nine months of this year and is expected to reach VND7 trillion by year’s end.

pvtrans fulfills annual plan ahead of schedule
PVT Hera crude oil tanker

The corporation recently organized a meeting to sum up the results of the first nine months and develop its plan for the fourth quarter. A report presented at the meeting showed that in the first three quarters of 2018, PVTrans’ consolidated revenue reached VND5.7 trillion, and pretax profit VND540 billion, up 42 percent compared with the same period last year. With these results, the corporation has fulfilled its annual business plan ahead of schedule. All subsidiaries of PVTrans achieved or exceeded their nine-month revenue and profit targets. Typical examples include PVTrans Pacific, Gas Shipping, NVTrans and PVTrans OFS.

PVTrans and its subsidiaries achieved these satisfactory results thanks to favorable conditions offered by the domestic and global markets. In the first nine months of 2018, crude oil prices in the global market soared, fluctuating around US$70-80 per barrel. Market analysts forecast global prices of crude oil will possibly grow further towards year’s end after US economic sanctions on Iran take effect in November and the demand for energy increases in winter. Meanwhile, in the domestic market, macroeconomic stability has been stable since the end of 2017; market prices and inflation have been under effective control; the securities market keeps growing; investment attraction has yielded good results; production, import and export activities have shown positive changes.

The Dung Quat Oil Refinery’s operations have been stable, while the Nghi Son Oil Refinery is expected to commence commercial production in November 2018. Since the beginning of this year, PVTrans and its subsidiaries have participated in the transportation of crude oil, as well as products of the Nghi Son Oil Refinery, through bids for each consignment. The corporation is devising a long-term transportation plan for the Nghi Son Oil Refinery.

Since the beginning of 2018, PVTrans has invested in a PVT Hera - the biggest Aframax crude oil tanker in Vietnam thus far, and an LPG carrier. In the fourth quarter, the corporation will invest in a Supramax vessel with a capacity of about 60,000DWT, two LPG carriers and a vessel to transport oil products and chemicals.

In the first nine months of this year, PVTrans has maintained effective management, inspection and supervision to save costs and prevent risks.

The leadership and entire staff of PVTrans are striving to fulfill the corporation’s fourth-quarter business plan. At the meeting, PVTrans handed over the decision to appoint Dao Manh Tien, former Deputy General Director of PVTrans, as a member of the corporation’s management board, and Nguyen Viet Long, former chairman of PVMR Management Board, as the corporation’s Deputy General Director.

Ngan Luong