PetroVietnam exceeds targets by October

PetroVietnam outperformed its first 10-month targets

Notably, in October, PetroVietnam exploited 0.78 billion cubic metres of gas, while the total volume of gas exploited year-to-date hit 8.39 billion cu.m, up 4.1 per cent against the 10-month plan. Besides, fertiliser output reached 1.38 million tonnes, up 7.2 per cent compared to the 10-month plan. Total petrol production was equivalent to 84.2 per cent of the full-year plan, amounting to 7.46 million tonnes.

Last month, PetroVietnam’s oil production volume reached 1.15 million tonnes, up 7.2 per cent compared to the plan for October, while the 10-month figure was 11.71 million tonnes, up 5.5 per cent compared to the plan and equalling 88.5 per cent of the plan for the whole year. 10.07 million tonnes of this were exploited in domestically, while the remaining 1.64 million tonnes were exploited overseas.

PetroVietnam's project installing an offshore mini-airport rigging

In general, the group surpassed an average of 2 – 8.7 per cent in financial targets in October, and surpass of 3.3 – 14.3 per cent in financial targets of planned 10 months.

In addition, its total revenue hit VND499.5 trillion ($2.17 billion), 21 per cent higher than the 10-month plan and up nearly 23.6 per cent from the same period last year. Beside, the group paid VND90.9 trillion ($395.2 million) to the state budget, up 23.2 per cent.

PetroVietnam ranks first in the 2018 list of 500 Vietnamese firms with the highest profits. Especially, one of the outstanding event in October is the resumption of Dung Quat bio-fuel plant after three year of suspend its operation. And only five days after restarting the operation, the plant debut the first E100 batch.

In the remaining months, PetroVietnam will continue to focus on operating its factories in order to reach the financial target for the whole year, creating a stepping stone for implementing 2019’s targets.

Workers of PVDrilling

Dung Quat bio-fuel factory