Petrovietnam records five-month revenue, profit higher than targets

Its consolidated pre-tax profit reached 21.7 trillion VND, 63% higher than the target and equivalent to 63% of the yearly plan.

Meanwhile, the firm contributed 54.5 trillion VND to the state budget during January – May (excluding the contribution by the Nghi Son Refinery & Petrochemical LLC), 45% higher than the five-month target.

Petrovietnam said these results were highly positive compared to the downward trend of global oil prices.

The group reported that its operations remained safe and stable in the first five months. Particularly, the manufacturing and supply of such key products as gas, electricity, petrol, and oil posted impressive growth, helping ease pressure on power supply and guarantee national energy security.

During the period, it exploited 4.41 million tonnes of crude oil, 13.8% higher than the five-month target. That comprised 3.66 million tonnes exploited domestically and 751,600 tonnes overseas, rising 16.3% and 2.6% from the respective targets.

About 3.44 billion cu.m. of gas was exploited, 21.8% higher than the target.

Meanwhile, Petrovietnam produced 719,500 tonnes of fertiliser, along with 2.92 million tonnes of petrol and oil, up 11.1% and 13.3% from the respective targets.

Notably, amid power shortages for economic and daily activities, especially in May, the group has exerted utmost efforts to provide fuel for power generation and optimise operations of its power plants to help reduce pressure. It produced 10.12 billion kWh of electricity in the five months, up 48% year on year./.