Petrovietnam records five-month revenue, profit higher than targets
The Vietnam Oil and Gas Group (Petrovietnam) earned 334 trillion VND (14.2 billion USD) in total revenue in the first five months of 2023, 20% higher than the target for the period, statistics show.
Hanoi (VNA) – TheVietnam Oil and Gas Group (Petrovietnam) earned 334 trillion VND (14.2 billion USD) in totalrevenue in the first five months of 2023, 20% higher than the target for theperiod, statistics show.
Its consolidated pre-taxprofit reached 21.7 trillion VND, 63% higher than the target and equivalent to63% of the yearly plan.
Meanwhile, the firmcontributed 54.5 trillion VND to the state budget during January - May (excludingthe contribution by the Nghi Son Refinery & Petrochemical LLC), 45% higher than the five-monthtarget.
Petrovietnam said theseresults were highly positive compared to the downward trend of global oilprices.
The group reported that itsoperations remained safe and stable in the first five months. Particularly, themanufacturing and supply of such key products as gas, electricity, petrol, andoil posted impressive growth, helping ease pressure on power supply andguarantee national energy security.
During the period, itexploited 4.41 million tonnes of crude oil, 13.8% higher than the five-monthtarget. That comprised 3.66 million tonnes exploited domestically and 751,600tonnes overseas, rising 16.3% and 2.6% from the respective targets.
About 3.44 billion cu.m.of gas was exploited, 21.8% higher than the target.
Meanwhile, Petrovietnamproduced 719,500 tonnes of fertiliser, along with 2.92 million tonnes of petroland oil, up 11.1% and 13.3% from the respective targets.
Notably, amid powershortages for economic and daily activities, especially in May, the group hasexerted utmost efforts to provide fuel for power generation and optimise operationsof its power plants to help reduce pressure. It produced 10.12 billion kWh of electricityin the five months, up 48% year on year./.
All the production plants in the Ca Mau Gas-Power-Fertiliser Complex, with investment from the PetroVietnam Camau Fertiliser Joint Stock Company (PVCFC), operated safely at full capacity over the first four months of 2023. The plant hit its targets on production, consumption and budget payment set by the PetroVietnam GAS Corporation JSC and the Petrovietnam Power Corporation (PV Power).
Despite oil price declines, the Vietnam Oil and Gas Group (Petrovietnam) posted 18.2 trillion VND (775.5 million USD) in consolidated pre-tax profit in the first four months of 2023, surging 77% from its target for the period and equivalent to 52% of this year’s plan.
Falling selling prices and rising costs have caused the profits of most fertiliser businesses to plunge, after recording high profits in the previous few years.
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An oil rig on the Bach Ho oil field (Photo: VNA) 
