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VN oil firm posts strong growth

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The Vietnam Oil and Gas Group (PVN) gained good production and business performance in the first half of this year. PVN/VIET NAM NEWS

VN oil firm posts strong growth

The Vietnam Oil and Gas Group (PVN) gained a total revenue of 365.5 trillion dong ($15.8 billion) in the first half of this year, 18 per cent above its six-month plan.

The corporation’s equity reached 470.3 trillion dong on June 30, up one per cent from January 1.

PVN contributed 53.5 trillion dong to the state budget, 16 per cent above its target, and 61 per cent of the year’s target.

In the first six months of this year, the state-owned firm has also successfully fulfilled production plans. It produced 11.52 billion kWh of electricity, exceeding its plan by 2.1 per cent, and 705,800 tonnes of nitrogenous fertiliser, 10 per cent higher than the goal.

Petroleum production hit 5.66 million tonnes, exceeding the six-month plan by 48,000 tonnes.

To fulfil this year’s business goals, the group will keep a close eye on global oil prices to use the most effective management, according to PVN.

The firm also plans to rationally balance production output, export and processing of oil-gas and electricity so as to ensure targets set by the government on growing gross domestic products, state budget collection and national energy security.

It will also promote the use of scientific solutions and technology to improve efficiency.

According to PVN, also in the first six months, a number of member companies were among Forbes’ list of 50 best listed companies in Vietnam this year.

The companies include PetroVietnam Gas Joint Stock Company, PetroVietnam Transportation Corporation, PetroVietnam Power Corporation, Petro Vietnam Fertiliser and Chemicals Corporation and PetroVietnam Insurance Corporation.

Last year, PVN’s total revenue reached 626.8 trillion dong, an increase of 26 per cent compared to 2017. VIET NAM NEWS/ASIA NEWS NETWORK

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