PetroVietnam reports rosy performance in first eight months

A petroleum depot of PVOIL, a PetroVietnam member

On the occasion of the 44th anniversary of the establishment of state-owned national oil and gas group PetroVietnam (September 3), the parent company and its diverse member units have been celebrating, even as the average price of crude in the global market plunged to $58.62 per barrel against the projected $65. PetroVietnam has achieved all business targets set for August 2019 and the first eight months of this year, in certain metrics even going far beyond expectations.

Accordingly, the group’s total revenue approximated VND55.4 trillion ($2.4 billion) in August, a 15 per cent jump against the projection, pushing up cumulative revenue in the first eight months to VND489.5 trillion ($21.1 billion), up 19 per cent against the projection and equal to 80 per cent of its full-year plan.

Its tax payment was an estimated VND7.83 trillion ($340.4 million), 3 per cent more than projected, pushing up the eight-month sum to an estimated VND68.9 trillion ($3 billion), a 14 per cent jump compared to the plan and equal to 78.8 per cent of the annual plan.

One of PetroVietnam’s member units – PetroVietnam Ca Mau Fertiliser JSC (PVCFC) – kicked-off the implementation of the contract to export 47,500 tonnes of fertiliser products to India.

Significantly, a close eye was kept on the execution of diverse investment projects by the group and its member companies and any airising impediments during implementation were reported timely to the parent company PetroVietnam to seek remedy measures.

In respect to operation highlights in August, PetroVietnam and military-run telecom group Viettel clinched a comprehensive co-operation deal to promote the application of IT in the oil and gas sector, paving the way to driving national economic development.

Notably, five units under PetroVietnam – including PetroVietnam Gas Corporation (GAS), PetroVietnam Transportation Corporation (PVT), PetroVietnam Power Corporation (POW), PetroVietnam Fertiliser and Chemicals Corporation (DPM), and PetroVietnam Insurance Corporation (PVI) – made it onto Forbes Vietnam’s 2019 list of top 50 listed companies in Vietnam.

In addition, the Dinh Vu Petrochemical and Textile Fiber JSC (PVTEX), a major unit under PetroVietnam, was officially renamed to Vietnam Petrochemical and Textile Fiber JSC (VNPOLY), officially entering the textile and garment value chain through teaming up with several members of state-owned textile and garment group Vinatex.