Fitch Ratings upgrades PetroVietnam’s outlook to "positive"

April 15, 2021 | 13:48

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Fitch Ratings – one of the top three credit rating agencies internationally – has revised the outlook for Vietnam’s state-owned oil and gas giant PetroVietnam to “positive” from “stable”.

PetroVietnam posted upbeat performance in this first quarter, leveraging its diligent workforce at project sites nationwide

Fitch Ratings has also assessed PetroVietnam’s standalone credit profile (SCP) at “BB+” and long-term foreign-currency issuer default rating (IDR) at “BB”.

The assessments followed Fitch Ratings’ upgrade of the "BB" outlook for Vietnam from “stable” to “positive” earlier this month.

Like other oil and gas firms around the world, PetroVietnam encountered numerous difficulties in 2020 due to the impacts of the COVID-19 pandemic and the nosedive in oil prices.

In the face of unprecedented challenges from COVID-19, PetroVietnam has carried out drastic solutions to achieve last year’s targets.

in the face of unprecedented challenges from COVID-19, the group has carried out drastic solutions to achieve last year’s targets.

Accordingly, PetroVietnam recorded VND11 trillion ($482.6 million) in consolidated after-tax profit and VND313.3 trillion ($13.6 billion) in revenue and contributed VND83 trillion ($3.6 billion) to state coffers.

It had also supplemented reserves by more than 15 million tonnes of oil equivalents in the wake of new oil discoveries at the Ken Bau and Soi Vang fields.

These achievements came by virtue of PetroVietnam’s constant efforts to bridge over market challenges, making practical contributions in celebration of the success of the XIII Party Congress and preparing to commemorate the group's 60-year anniversary on November 27, while in the meantime ushering in bright development prospects.

By Anh Duc

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