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Home » Petrovietnam’s Revenue Hits Record in October Despite Falling Petrol Prices

Petrovietnam’s Revenue Hits Record in October Despite Falling Petrol Prices

by Ulani Louangrath
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The Vietnam Oil and Gas Group (Petrovietnam) posted the highest revenue in October since the beginning of this year, reported its General Director Lê Mạnh Hùng at a recent monthly meeting.

During the month, all production figures of Petrovietnam exceeded the monthly plan. The oil extraction volume reached 0.85 million tonnes, surpassing by 4.2 per cent. Cumulatively for 10 months, it reached 8.7 million tonnes, or 13.1 per cent higher than the 10-month target.

The gas extraction volume hit 0.62 billion cu.m, exceeding the monthly plan by 4.6 per cent. The 10-month volume was 6.38 billion cu.m, or 9.7 per cent higher than the initial plan. The electricity production reached 1.91 billion kWh in October and 19.54 billion kWh in 10 months, up 2.4 per cent and 1.7 per cent from respective plans, respectively.

The fertiliser production in October stood at 161.800 tonnes, or 9.6 per cent higher than the set goal. It reached 1.46 million tonnes in 10 months, topping the plan by 5.9 per cent. Meanwhile, the petrol production, excluding the products of Nghi Son refinery and petrochemical company, reached 6.08 million tonnes, or two months ahead of schedule, up 5.9 per cent annually.

The group’s total revenue was estimated at VNĐ745 trillion (US$31 billion) in 10 months, surpassing the annual plan by 10 per cent. Its contribution to the State budget topped the target by 54 per cent to VNĐ121 trillion.

Concluding the meeting, Hùng highlighted specific tasks in the coming time, including regularly updating and forecasting macroeconomic and market conditions to plan and manage operations effectively, increasing production capacity, ensuring operational safety and usability of power plants and electricity output to contribute to power supply for the economy, flexibly manage production, inventory, and business operations, reviewing and controlling cash flow safety.

He called for continuing to improve the internal management system, especially processes, regulations, and rules; and dealing with issues in accordance with the conclusions of the State Audit Office; completing the 5-year plan and the 2024 plan, while setting comprehensive management objectives from the beginning of next year.

In particular, he suggested establishing a steering committee in charge of implementing the Petrovietnam’s restructuring scheme for the 2021-2025 period recently approved by the PM. 

The committee must thoroughly analyse the restructuring work for each sector and area, assign specific tasks, and propose concrete solutions to successfully accomplish the set goals.

Source: Vietnam News

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