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ECONOMY

PetroVietnam beats 7-month profit target

Updated at Friday, 10 Aug 2018, 01:34
The Hanoitimes - Energy giant PVN produced 1.18 million tons of oil in July, 11.5% higher than the month`s plan.
State-run Vietnam National Oil and Gas Group (PVN)'s after-tax profit in the first seven months this year reached VND17.8 trillion (US$762 million), 32% higher than the seven-month plan and equivalent to 94% of the year's target, the group said on its website.

In seven months, PVN's revenue reached VND332.2 trillion (US$14.22 billion), 26% higher than the seven-month plan and equivalent to 56% of the year's target. 

The group contributed VND61.8 trillion (US$2.64 billion) to the state budget, 46% higher than the seven-month plan and equivalent to 83% of the year's plan.
 
Illustrative photo.
Illustrative photo.
This resulted in the group's oil production in the first seven months of 8.32 million tons, 3.4% higher than the seven-month plan and meeting 62.8% of the year's plan. 

PVN uncovered new oil a new oil field at the Meo Trang Dong (White Cat)- 1X well (block 09-1, VSP).

Meanwhile, gas exploitation also reached 0.86 billion cubic meters, exceeding 20.1% of the month's plan and accumulating of 6.17 billion cubic meters in the seven months through July, 6.2% above the seven-month plan and equivalent to 64.2% of the year's plan.

Overall, total output of PVN in July stood at 2.04 million tons of oil equivalent, 15% higher than the month's plan, leading to 14.48 million tons in the seven-month period, an increase of 4.6% compared to the seven-month plan and equivalent to 63.4% of the year's plan. 

The group produced 142,200 tons of fertilizers in July, exceeding 6.1% of the month's plan, taking the total number in seven months to 969,000 tons, 4.5% higher than the seven-month plan and equivalent to 63% of the year's plan. 

In July, PVN produced 975,000 tons of gasoline, 3% higher than the month's plan, of which the Nghi Son oil refinery produced 391,000 tons and the Dung Quat oil refinery 539,000 tons. The group produced a total of 4.85 million tons of gasoline in the January - July period, exceeding 6% of the seven-month target and equivalent to 41.2% of the year-plan. 

The group also produced 13.48 billion kWh of electricity, 3% higher than the seven-month plan and equivalent to 62.5% of the year's plan.
Nguyen Tung
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