PetroVietnam’s oil beats target
PetroVietnam sets a target to exploit more than 6.49 million tonnes of oil by the end of this year — Photo vneconomy
This output is 7.6 percent higher than its initial yearly target of 25.64 million tonnes set at the beginning of the year.
The energy group reported its nine-month production output at 21.1 million tonnes of oil equivalent, surpassing the quarterly target by 10.2 percent growth and equaling 82.3 percent of the yearly goal. Crude oil comprised 13.03 million tonnes of total output, up 8.1 percent year-on-year.
Industrial production value increased 11 percent over the nine months of last year.
Production of electricity, fertilizer and petroleum in the first nine months was also above targets by between 2.4 and 15.8 percent.
These numbers are considered impressive given the gloomy outlook of the global oil market.
However, the group's nine-month revenues reached only VND327.4 trillion (US$14.7 billion), accounting for 86 percent of the quarterly projection and just 64 percent of the yearly target.
The group attributed the disappointing earnings to strong declines in global oil prices. The nine-month average oil price was around $42.7 per barrel, only 71.2 percent of the group's estimate of $60 per barrel for the year. This price was also 25 percent lower than that of the same period of last year.
Therefore, the contribution to the State budget was VND64 trillion, equivalent to 81 percent of the nine-month estimate and 61 percent of the goal for the whole year.
PetroVietnam expects to earn VND514.5 trillion in total revenues and collection to the State budget of VND104.2 trillion for the year.
The group's earnings are forecast to continue decreasing this year if the world crude oil price remains low. PetroVietnam's revenues and profits have been on a consistent decrease since 2013 due to losses in global oil./.
Source: VNS
See also

HCM City to host international paper, coatings, rubber, and plastic expos
09:29 | 29/03/2023 Industry

Bac Kan produce takes off
10:00 | 26/03/2023 Industry promotion

Bac Giang develops rural industrial exports
07:00 | 25/03/2023 Industry promotion

Ocean dialogue dicusses offshore renewable energy potential
09:53 | 24/03/2023 Energy

Vietnam Manufacturing Expo & NEPCON Vietnam exhibition 2023 kick off
16:41 | 22/03/2023 Support industries

Offshore wind energy an essential base load power source: official
14:30 | 20/03/2023 Energy
See more news

Uncorking bottlenecks for support industry development
06:00 | 18/03/2023 Industry

Da Nang greens textile-garment industry
13:00 | 17/03/2023 Energy

High cost of construction materials puts pressure on Việt Nam's construction industry
10:13 | 15/03/2023 Industry

Thai Nguyen eases industrial cluster problems
15:00 | 10/03/2023 Industry promotion

Dak Lak seeks improved industrial policies
08:00 | 10/03/2023 Industry promotion

Vietnam eyes green hydrogen development
09:33 | 09/03/2023 Energy

Coffee industry needs sustainable development to target $6b in exports by 2030
07:00 | 08/03/2023 Industry

Diagnostic study on Net-Zero for energy sector in Vietnam kicked off
15:09 | 07/03/2023 Energy

Rise of February industrial production index
07:00 | 05/03/2023 Industry

Cashew industry moves to boost green production, consumption
08:00 | 03/03/2023 Industry




Vietnam objects to Taiwan’s live-fire drills in Ba Binh
19:10 | 31/03/2023 Policy

Vietnam a potential market for shoppertainment: report
18:59 | 31/03/2023 Economy

India, Vietnam promote business cooperation and investment in logistics sector
18:11 | 31/03/2023 Vietnam and other regions

Unilever Vietnam to promote positive and diverse beauty towards gender equality
15:04 | 31/03/2023 Companies

Trade fair promotes consumption of farm produce for ethnic women in Thai Nguyen
06:18 | 31/03/2023 Domestic market
Multimedia

Oscar dream
09:05 | 28/03/2023 Video

Vietnam remains world’s second-largest coffee exporter
08:55 | 28/03/2023 Infographic

Ha Long Bay, Cu Chi Tunnels among ten adventurous tourism places in Southeast Asia
07:00 | 25/03/2023 Infographic

Vietnam-Italy trade partnership
13:00 | 23/03/2023 Infographic

Exploring Việt Nam ’s fourth highest mountain peak, Bạch Mộc Lương Tử
06:00 | 29/03/2023 Tourism

Vietnam objects to Taiwan’s live-fire drills in Ba Binh
19:10 | 31/03/2023 Policy

E-visa stay period may be extended to 90 days
18:09 | 27/03/2023 Policy

New legal documents in first half of March 2023
06:00 | 23/03/2023 Policy

Animal feed industry asks for import tax reduction on raw materials
09:55 | 20/03/2023 Policy

HCM City to host international paper, coatings, rubber, and plastic expos
09:29 | 29/03/2023 Industry

Bac Kan produce takes off
10:00 | 26/03/2023 Industry promotion

Bac Giang develops rural industrial exports
07:00 | 25/03/2023 Industry promotion

Ocean dialogue dicusses offshore renewable energy potential
09:53 | 24/03/2023 Energy

Vietnam's retail market proves attractive for foreign investors
09:21 | 29/03/2023 FDI

Asian investors increasingly keen on Vietnam
13:00 | 26/03/2023 FDI

India introduces pharmaceutical industry' opportunities to potential Vietnamese investors
19:54 | 23/03/2023 Vietnam and other regions

Vietnam attracts Czech investors
06:00 | 23/03/2023 FDI

Decree 08, a magic wand for corporate bonds?
06:00 | 30/03/2023 Finance-Banking

Foreign investors expand consumer finance business in Vietnam
09:08 | 29/03/2023 Finance-Banking

Stock market violations to face stricter sanctions
07:10 | 26/03/2023 Stock Market

Vietnam to develop policies to adapt to global minimum tax
07:05 | 23/03/2023 Finance-Banking

COP28 President-Designate to speak at Berlin Energy Transition Dialogue Conference
16:21 | 29/03/2023 Environment

Turning coffee grounds into energy
13:00 | 27/03/2023 Environment

Vietnam saves 298,000 kWh during Earth Hour 2023
10:48 | 27/03/2023 Environment

The value of wood scraps for business
13:00 | 25/03/2023 Environment

Vietnam, US cultivate sci-tech, innovation cooperation
06:00 | 30/03/2023 Science - Technology

A321neo: Breakthrough technology saves fuel consumption up to 20%
15:37 | 29/03/2023 Science - Technology

AI to fuel development of modern agriculture workshop
10:19 | 28/03/2023 Science - Technology

Vietnam, Thailand beef up sci-tech, educational collaboration
06:00 | 25/03/2023 Science - Technology

Scholarship opportunity at New Zealand Education Fairs 2023
15:42 | 29/03/2023 Society

Coastal communities to fight illegal fishing with own surveillance forces
07:00 | 29/03/2023 Society

Enhancing Hanoi-Singapore business connections
06:00 | 28/03/2023 Metropolis

Strong signals of positive year for industrial real estate market
10:25 | 27/03/2023 Property

Viettel’s Cambodia affiliate signs strategic cooperation agreement with local group
09:02 | 30/03/2023 Vietnamese Brands

Hundreds of high-quality goods honored
06:00 | 27/03/2023 Vietnamese Brands

Vietnam adopts high integration standards
06:00 | 25/03/2023 Companies

Bac Giang promotes consumption of OCOP products associated with tourism
10:02 | 24/03/2023 Vietnamese Brands

Reel in the flavours of Việt Nam with braised pickled carp
06:00 | 29/03/2023 Lifestyle

Concert dedicated to Trịnh Công Sơn to take place at Hà Nội Opera House
06:00 | 27/03/2023 Lifestyle

Let’s go fly a kite
06:00 | 26/03/2023 Lifestyle

Vietnamese culture and silk are topics of event dedicated to women
06:00 | 25/03/2023 Lifestyle

Exploring Việt Nam ’s fourth highest mountain peak, Bạch Mộc Lương Tử
06:00 | 29/03/2023 Tourism

Ministry proposes extending visa-free stay to 30 days, e-visa to 90 days
06:00 | 27/03/2023 Tourism

Ha Long Bay, Cu Chi Tunnels among ten adventurous tourism places in Southeast Asia
07:00 | 25/03/2023 Infographic

Small stools, big charm balancing Hà Nội's iconic appeal with pedestrian safety
06:00 | 25/03/2023 Tourism