Petrovietnam's oil platform at the Sư Tử Trắng (White lion) oil field. — Photo courtesy of the company

HÀ NỘI — Vietnam Oil and Gas Group (Petrovietnam) has completed two important yearly targets of State budget contribution and consolidated profit before tax ahead of schedule after the first eight months of 2023.

During the period, the group’s State budget contribution was estimated at VNĐ90.5 trillion (US$3.75 billion), exceeding the yearly plan by 16 per cent.

Its total revenue was expected to reach VNĐ575.8 trillion, equal to 85 per cent of the yearly target, while the profit before tax was estimated to exceed the group’s target by 8 per cent.

Petrovietnam said that the outstanding results were driven by the promotion of production and business. In addition, its good financial indicators offset the declines in oil prices and output for some products due to the impact of objective and market factors.

The group's production goals were accomplished, outpacing the planned target by 3 to 29 per cent, with outputs of power, urea, gasoline, LPG, and polypropylene all increasing over the same period last year. Its factories and worksite operated effectively while ensuring security and safety.

In the first eight months of the year, Petrovietnam exploited 7.06 million tonnes of crude, and produced 108,000 tonnes of nitrogen, 1.07 billion kWh of electricity, 588,600 tonnes of liquefied petroleum gas (LPG), 4.8 million tonnes of petroleum and oil (excluding the output of the Nghi Sơn Refinery and Petrochemical LLC), and 117,700 tonnes of polypropylene.

These results were all higher than the eight-month targets.

In order to maintain effective production and business, the group continues to take advantage of market opportunities to complete its 2023 assigned targets and tasks at the highest level.

Lê Mạnh Hùng, Petrovietnam General Director, said that in September and the remaining months of this year, the group will closely coordinate with the Party Central Committee’s Economic Commission to review, update, and complete a report on the project to evaluate the implementation of the Vietnam Oil and Gas Industry Development Strategy.

The group also plans to closely follow the handling of projects submitted to the Government such as the group restructuring project to 2025, the five-year plan for the 2021-2025 period, and the oil and gas exploration and exploitation plan in the East Sea (internationally known as the South China Sea) in 2024.

At the end of August, Joint Venture PTSC (Petrovietnam) - Sembcorp (Singapore) was granted a licence to develop renewable energy projects in Việt Nam and export electricity to Singapore. This is a milestone towards PetroVietnam's goal of leading the Energy Industry Corporation and pioneering offshore wind power.

According to the PROFIT500 ranking - Top 500 most profitable enterprises in Việt Nam in 2023 by Vietnam Report, PetroVietnam continues to record the leading position. — VNS