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PetroVietnam achieves goals, despite economy

Update: December, 28/2012 - 10:30

 

An engineer operates crude oil exploitation facilities at a drilling platform at PetroVietnam's Bach Ho oil well. — VNA/VNS Photo Ha Thai
HA NOI — PetroVietnam has accomplished most of its goals for 2012 despite challenges caused by economic woes in both domestic and foreign markets, PetroVietnam's deputy general director Le Minh Hong announced yesterday at the group's annual business review meeting in Ha Noi.

Hong said both production and revenue had exceeded the company's target levels, except for petrol production. Only 5.61 million tonnes of petrol were produced this year, accounting for 94.3 per cent of the yearly goal.

The director attributed the lower-than-expected petrol production to the unstable operation of Dung Quat Oil Refinery, which produced just 5.14 million tonnes of petrol, equivalent to 95 per cent of the goal, Hong said.

Total revenue for Petro-Vietnam and its affiliates this year reached a combined VND727.7 trillion (US$34.8 billion), 17 per cent higher than the target and 14.4 per cent higher than last year. Of the total, PetroVietnam earned VND380 trillion ($18.18 billion), a year-on-year increase of 10 per cent.

Total pre-tax profits reached VND113.1 trillion ($5.4 billion) and mainly came from oil and gas exploitation and production and oil and gas services.

PetroVietnam's chairman Phung Dinh Thuc said before 2006, the group's revenue mainly came from crude oil exports, but in recent years, its revenue was based on three pillars: oil export, industrial production (power, fertiliser and gas) and oil and gas services.

This year, PetroVietnam exported a total of 16.7 million tonnes of oil worth more than $10 billion, while revenue from oil and gas services reached VND234 trillion ($11.2 billion), accounting for 30 per cent of the group's total revenue and representing an increase of 13 per cent year-on-year.

The state oil and gas group signed five new contracts this year (four in the domestic market and one in the overseas market) as well as two co-operation agreements with Uzbekistan and Kazakhstan. It also had new oil and gas discoveries (Kinh Ngu Trang and Tho Trang blocks) and launched seven oil fields into operation, helping lift oil and gas reserves to 48 million tonnes, 37.1 per cent higher than the 2012 target.

In October, the group inaugurated the Ca Mau Gas - Electricity - Fertiliser Industrial Complex, which helps lift the group's power generation to 15.1 billion kWh this year (a year-on-year increase of 12.2 per cent) and fertiliser production to 1.4 million tonnes (up 77.3 per cent year-on-year).

The group's contribution to the State budget totalled VND186.3 trillion ($8.9 billion) this year, a year-on-year increase of 15.8 per cent and 38.2 per cent higher than its initial target – "an impressive result given both domestic and international economic difficulties," Thuc said.

Despite its encouraging showing this year, PetroVietnam has set modest goals for next year. It aims for total revenue of only VND653.3 trillion ($31.26 billion) and a State budget contribution of just VND143.2 trillion ($6.85 billion), both less than this year. — VNS

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