Hanoi (VNA) – The Vietnam Oil and Gas Group (PetroVietnam) hasreported an oil output of 8.64 million tonnes in the first nine months of thisyear, 9.4 percent higher than the set target.

Of the total, 1.38 million tonnes were exploited overseas, 5.2 percent inexcess of the group’s goal.

PetroVietnam gained 423.2 trillion VND (18.27 billion USD) in revenue in thenine-month period, and contributed 50.2 trillion VND to the State budget.

According to PetroVietnam General Director Le Manh Hung, the group facedformidable challenges in the period due to the COVID-19 pandemic, gloomy financialmarket, and low credit growth.


However, stable production, coupled witheffective measures, helped the group gain better financial indices, he said,adding the group saved some 7.17 trillion VND during January-September.

In the period, its members reaped impressive achievements, includingVietsovpetro that put the BK21 oil rig into operation last month, and PetroVietnam Fertiliser and Chemicals Corporation (PVFCCo) and PetroVietnam Ca Mau FertiliserCompany Limited (PVCFC) that exported 320,000 tonnes of fertilizer - thehighest level the group has recorded.

As a pillar of the economy assigned with majorresponsibilities by the Party, the State, and the people, PetroVietnam and itsstaff, with a tradition of dedication and trained in hardships, have graduallyweathered the difficulties to fulfill their duties.

This year, Fitch Ratingscontinued to assign PetroVietnam a standalone credit profile at BB , reflectingthe company’s high degree of integration, diversification and conservativefinancial profile. It proves PetroVietnam’s strong financial status andbusiness performance as well as its positive business prospects in the future,which bring confidence to domestic and foreign investors, financial institutionsand strategic partners.

The rating also affirmed PetroVietnam’s sound policies to ensure rights andjobs for its employees amidst dual crisis of the coronavirus outbreak andsurprised drop in oil prices.

In a bid to complete mission for the whole year, the group will continue stableand safe production, promote consumption to reduce inventories, as well asremove bottlenecks for implementation of oil and gas value chain.

Among the eight groups of solutions it hasidentified to deal with the current circumstances, two are being implemented ina proactive, concerted, and drastic manner.

The first includes improving the quality ofcorporate governance, boosting decentralisation, overhauling its documentsystem and internal management regulations, stepping up digitalisation, andpromoting risk governance. Meanwhile, the second covers capitalising ontechnological solutions to lower expenses and improve productivity, andreducing and delaying spending on non-urgent activities to minimise productioncosts.

PetroVietnam continued to top the Profit500 list, which names the 500 most profitableenterprises in Vietnam, in 2020.

This is the third year that the group hastaken the leading position among the top 500 enterprises.

The list, announced by the Vietnam ReportJSC and online newspaper Vietnamnet, also contains many enterprises in theoil and gas sector, such as PV Gas (7th place),  Vietsovpetro, PV Powers,PetroVietnam Technical Services Corporation (PTSC), PetroVietnamDrilling & Well Service Corporation (PV Drilling), Ca Mau Fertiliser Plant(PVCFC), to name just a few.

Vietnam Report said this year the ROA (Returnon Assets) of companies on the list averaged 11.4 percent, slightly down fromthe 11.9 percent recorded last year. However, the ROE (Return on Equity) ratioimproved to 21.7 percent from 20.9 percent in 2019.

It also took note of changes in top prioritystrategies of enterprises from now to the end of year, with 71.7 percent ofthem paying attention to sales, 58.3 percent focusing on seeking new marketsand expanding existing ones, 49.2 percent looking to researching and developingnew products and 42.6 percent planning to cut costs./.