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PetroVietnam surpasses goal for 9-month revenue

Update: October, 09/2014 - 09:05
The company's total production output reached 20.34 million tonnes of oil equivalent (TOE), 8.7 per cent higher than the quarterly target.— VNA/VNS Photo Huy Hung
HA NOI  (VNS) — Viet Nam National Oil and Gas Group (PetroVietnam) yesterday reported its revenue hit VND290.5 trillion (US$13.8 billion) in the first nine months of this year, a 10 per cent rise over the group's revenue target for the period.

Net profit reached VND36.5 trillion ($1.73 billion), a 31-per-cent rise over its nine-month profit target.

PetroVietnam's chairman Nguyen Xuan Son said total revenue for the whole group, including affiliates and subsidiaries, reached VND560.1 trillion ($26.5 billion), surpassing the quarterly target by 19.5 per cent and equivalent to 84 per cent of the group's yearly goal.

In the first nine months, PetroVietnam's contribution to the State budget also exceeded the target by 24 per cent. A total of VND125.5 trillion (nearly $6 billion) was handed over to the State budget, equivalent to 89 per cent of the goal set for the whole year.

The company's total production output reached 20.34 million tonnes of oil equivalent (TOE), 8.7 per cent higher than the quarterly target. Of this, crude oil comprised 12.71 million tonnes, an 8.8-per-cent rise over the target; and gas reached 7.64 billion cubic metres, an increase of 8.6 per cent over the target.

Production of electricity, fertiliser and petroleum was also above target - by between 5 per cent and 22 per cent.

Electricity production reached 11.92 billion kWh in the first nine months, up 9.4 per cent over the target. Fertiliser output reached 1.23 million tonnes and petroleum production hit 4.06 million tonnes, up 5.2 per cent and 22.6 per cent, respectively, over the target set for the third quarter.

It is expected that PetroVietnam will achieve its financial targets by late October or early November. These include its contribution to the State budget, which is likely to reach VND167 trillion ($7.9 billion), up 19 per cent over the yearly target.

According to Le Minh Hong, deputy general director of PetroVietnam, the group will focus on implementation of the group's restructuring scheme in the next three months.

It will speed up equitisation of its units while divesting capital from non-core businesses, as well as enhance the competitiveness of companies in the group.

In addition, to accomplish its development strategy, PetroVietnam will closely monitor activities of exploration, exploitation and development of oil and gas fields in the East Sea. — VNS

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