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Crude oil, coal output increase despite challenging conditions

Update: February, 04/2015 - 08:02

Workers load oil exploitation equipment at Vietsovpetro Port in the southern province of Ba Ria-Vung Tau. — VNA/VNS Photo Huy Hung

HA NOI (VNS) — Crude oil and coal output in January rose some 10 per cent over January 2014, despite falling petrol prices and unfavourable coal mining conditions, reported the Ministry of Industry and Trade.

Speaking at a press conference held in Ha Noi on Monday, deputy minister Do Thang Hai said the Viet Nam National Oil and Gas Group (PVN) posted 9.3 per cent year-on-year increase in its output last month, rather than a reduction.

The group's crude oil exploration and exploitation activities were aggressively implemented both inside and outside the country, as well as in meeting earlier set goals.

The country's crude oil output last month was estimated at 1.62 million tonnes, including 1.47 million tonnes exploited in the country, increasing 10.6 per cent over the corresponding period last year, with the remaining crude oil coming from overseas.

Reports from the ministry indicated that the coal sector faced difficulties in mining, despite increased selling prices.

The sector's coal output in January was estimated at 3.56 million tonnes, posting a 13 per cent year-on-year rise.

Also, the National Coal and Mineral Industry Group (Vinacomin) said coal consumption last month was 3 million tonnes, falling 4 per cent in comparison with the same period last year. Of this, coal exports were 117,000 tonnes and domestic consumption was 2.89 million tonnes.

Vinacomin said the economy was expected to recover, thus increasing domestic coal consumption, especially coal sold for electricity production.

However, the mining of coal was becoming more difficult, resulting in increased production costs.

The group has put in place several solutions to reduce costs to assure it meets its set target for 2015. — VNS



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