Updated  
August, 18 2014 08:30:00

PetroVietnam hits 65% of yearly goal

This year, the group plans to produce 26.63 million tonnes of crude oil and gas, of which 16.83 million tonnes will be crude oil, and 4.76 million tonnes of petroleum and oil products.— VNA/VNS Photo Huy Hung

HA NOI (VNS) — Oil and Gas Group PetroVietnam achieved 65 per cent of its 2014 target after it earned VND434 trillion (US$20.4 billion) in profits in the first seven months of the year.

From January to July, the State-owned company produced 16.09 million tonnes of oil equivalent (TOE), which was 2.2 per cent higher than that of the same period last year. In July alone, total production volume was 2.22 million TOE.

The group produced 2.88 million tonnes of oil and petroleum in the first seven months while Dung Quat Oil Refinery Plant provided 2.68 million tonnes and Phu My Condensate contributed 200,000 tonnes.

At an online meeting of the Ministry of Industry and Trade on August 5, Nguyen Vu Truong Son, PetroVietnam Deputy General Director, said his group contributed VND96.3 trillion ($4.5 billion) to the State budget from January to July, or 1 per cent more year-on-year.

In the latter part of the year, the group aimed to promote production and business and continue its restructuring plan (including the withdrawal of capital from its non-core businesses), equitisation and adjustment of its development strategy by 2015 and towards 2035, Son said.

It would continue developing consumption markets for new products, including fibre and bio fuel, the PetroVietnam Deputy General Director added.

This year, the group plans to produce 26.63 million tonnes of crude oil and gas, of which 16.83 million tonnes will be crude oil, and 4.76 million tonnes of petroleum and oil products. The group needs VND100 trillion ($4.74 billion) in capital for these projects.

PetroVietnam is expected to gain a year-on-year increase of 6.8 per cent in its total revenue to VND673.3 trillion ($31.91 billion) for this year. —VNS

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

VN committed to realising TPP VN committed to realising TPP

Deputy Prime Minister Vu Van Ninh reiterated Viet Nam's commitment to negotiating and realising the terms of the Trans-Pacific Partnership (TPP) for the benefit of all TPP members while meeting US Under Secretary of Commerce for International Trade Stefan M. Selig yesterday in Ha Noi.

VN Railway Authority head found dead VN Railway Authority head found dead

Director of Viet Nam Railway Authority Nguyen Huu Thang was found dead in his office yesterday in Ha Noi.

Student looks to improve traffic 3    Student looks to improve traffic

South Korean high school student Chihyun Ryu has spent her time in Ha Noi over the last three and a half years walking around Hoan Kiem Lake, and riding on the back of her father's motorbike taking videos of the chaotic traffic.

Talented ‘stage magician' tells story in memoir Talented ‘stage magician' tells story in memoir

Artist Thanh Loc will begin his five-city tour tomorrow in HCM City to launch his newly published memoirs.

Viet Nam sit at 137th in world football rankings Viet Nam sit at 137th in world football rankings

Viet Nam jumped up four steps in international football rankings, according to FIFA's latest list.