PetroVietnam reports slight increase of revenue in first half of 2020

July 17, 2020 | 12:55
Despite facing the double crisis of the COVID-19 pandemic and decreasing oil and gas prices, PetroVietnam is keeping its business stable and has gained a slight increase in revenue in the first half of the year.

With the highest determination to reach its annual targets, PetroVietnam has been mobilising all of its resources to implement effective solutions to the double crisis and ensure business stability.

petrovietnam reports slight increase of revenue in first half of 2020
Workers at Vietsovpetro at work

As a special point of pride, PetroVietnam has gotten through the first half without a case of workplace accidents or COVID-19 infection. Subsidiaries and affiliates such as VSP, Rusvietpetro, Bien Dong POC, PVGas, PVFCCo, PVCFC, and many others have also successfully achieved their targets.

In the period, PetroVietnam and its affiliates and subsidiaries have ensured stable investment flows, making a significant contribution to the growth of business activities.

Specifically, PetroVietnam achieved a total output of 10.73 million tonnes of oil and gas in the first half of this year, exceeding the six-month plan by 4.2 per cent and ticking off 52.7 per cent of the year’s plan.

It has generated 10.90 billion kWh, accounting for 98.7 and 50.5 per cent of the first-half and the 2020 plans, respectively.

In addition it has produced 962,400 tonnes of fertiliser (13.5 per cent higher than the target) and produced more than 6.40 million tonnes of petroleum, achieveing 96.3 per cent of the half-year target and 54.2 per cent of the annual plan.

In the first half of the year, PVN has reported a total revenue of VND283.5 trillion ($12.33 billion), contributing an estimated VND32 trillion ($1.4 billion) to the state budget.

PVN has also marked a milestone in its management activities by officially issuing an e-book on corporate governance on July 1, 2020. This is a significant milestone in strengthening the group’s governance and management capabilities, creating favourable conditions for the group itself and subsidiaries to implement activities with the highest standards, ensure timelines, and improve overall the quality and efficiency.

According to Le Manh Hung, CEO of PetroVietnam, to achieve the targets in the second half, PetroVietnam and its subsidiaries must closely follow the changes in oil and gas demand and supply, push up administration and investment processes, as well as improve the application of technological solutions to cut costs and increase efficiency.

By Bich Ngoc

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