PetroVietnam overfulfills most set targets in first three quartersTuesday, October 8,2019
AsemconnectVietnam - The Vietnam National Oil and Gas Group (PetroVietnam) has fulfilled and surpassed most of the production targets set for September and the first nine months of this year.
The group produced 8.99 million tonnes of petrol and oil in the period from January to September, surpassing the goal for the period by 5.6 percent and fulfilling 79.2 percent of the yearly plan.
The electricity output of the entire group reached 16.42 billion kWh, an increase of 4.3 percent from the targeted output and equivalent to 76 percent of the yearly target.
The group also overfulfilled all financial targets set for the first nine months of the year.
Specifically, aggregate revenue of the group in September was estimated at 61.4 trillion VND (over 2.64 billion USD at current exchange rate). The figure represents a 9.5 percent increase from the monthly target.
Total revenues for the nine-month period added up to 560.6 trillion VND (over 24.1 billion USD at current exchange rate), surpassing the period’s plan by 12 percent and fulfilling 92 percent of the yearly plan.
The group contributed an estimated 8.7 trillion VND to the State budget in September, 16.4 percent more than targeted, and 78.5 trillion VND in the reviewed nine months, up 11.1 percent from the period’s plan and equivalent to 89 percent of the yearly plan.
All the four subsidiaries of PetroVietnam, namely Rusvietpetro, PTSC (PetroVietNam Technical Services Corporation), PVGas (Petrovietnam Gas Corporation) and PVTrans (PetroVietnam Transportation Corporation), have overfulfilled financial targets for the years.
It is noteworthy that PetroVietnam has earned a BB by the world leading rating agency Fitch Ratings, reflecting its success in reforming corporate governance. Fitch Ratings offered PetroVietnam a standalone credit profile at ‘bb ’, and first-time long-term foreign-currency issuer default rating (IDR) at ‘BB’ with a positive outlook.
The State-owned group maintained its top position in the list of the top 500 most profitable enterprises in Vietnam 2019 announced by the Vietnam Report.
The Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro) has successfully launched the topside block of BK-20 drilling rig, belonging to Bach Ho field. Its subsidiaries had designed this construction work as well as procured and manufactured many important items.
Furthermore, Vietsovpetro won a high prize at the seventh science and technology competition for young professionals in Russia. PetroVietnam claimed the second prize at a national contest on labour hygiene and safety in 2019.
The Ca Mau fertiliser factory has completed the overall maintenance in 2019 and resumed operation to serve the local demand for fertiliser in the winter-spring season.
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