Despite instability, PetroVietnam closes successful first quarter

April 04, 2018 | 14:43

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Vietnam's oil and gas group PetroVietnam has paid VND23.8 trillion (nearly $1.1 billion) in taxes, surpassing the first quarter target by 30 per cent.

PetroVietnam entered 2018 with negative forecasts for oil and gas activities, including unpredictable crude oil prices which will affect the production and business activities of the group.

despite instability petrovietnam closes successful first quarter

PetroVietnam has actually managed to contribute more to the state budget than it initially planned

Moreover, PetroVietnam's key products face fierce competition from imported products, while many obstacles in terms of mechanisms and policies have not been resolved in time.

In addition, the output from key fields in 2018 is forecasted to be unpredictable, while smaller fields are in areas that are difficult to explore.

The group's statement said that all of the above disadvantages will greatly affect the oil exploitation target throughout 2018.

However, overcoming these difficulties and challenges, PetroVietnam has reached its production and business targets in the first quarter of 2018.

Accordingly, the total output of crude oil in March reached 2.21 million tonnes, exceeding the monthly plan by 1.1 per cent. Overall, first quarter production reached 6.34 million tonnes, exceeding the plan by 4.5 per cent.

The group also produced 2.16 billion kWh in March, exceeding the monthly plan by 12.7 per cent.

In fertiliser production, in March alone, PVN produced 149,400 tonnes, exceeding the monthly plan by 8.6 per cent and the quarterly plan by 9.3 per cent.

Total petrol production in March reached 558,000 tonnes, exceeding the monthly plan by 1.5 per cent and the quarterly plan by 5.7 per cent.

The total revenue of the group in the first quarter reached VND136.3 trillion ($6.1 billion), exceeding the plan by 12 per cent.

By Bich Ngoc

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