Petrovietnam posts US$9-billion revenue in Q1

The Vietnam National Oil and Gas Group (Petrovietnam) saw total estimated revenue of VND231 trillion (US$9 billion) from production and business activities in the first quarter of 2024.

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The Vietnam National Oil and Gas Group (Petrovietnam) saw total estimated revenue of VND231 trillion (US$9 billion) from production and business activities in the first quarter of 2024, exceeding the set quarterly plan by 33 percent and up 19 percent year-on-year, head a conference held by the group recently.

Key production indices of the Vietnam National Oil and Gas Group in the first quarter showed growth compared to the same period last year, with the output of crude oil, gas, urea, NPK fertiliser surpassing quarterly targets by 19.4 percent, 32 percent, 7 percent and 59 percent, respectively. The production of oil and petrol also exceeded the plan for Q1 (excluding the output of Nghi Son Refinery) by 22.5 percent.

Compared to the same period last year, the production of petroleum, electricity, urea, and NPK fertilizer also increased by 9.8 percent, 17.5 percent, 3.2 percent and 41 percent, respectively.

The group contributed over VND31.3 trillion to the State budget, exceeding the quarterly plan by 40 percent and increasing by 5 percent compared to the same period in 2023. Its total investment value reached VND4.93 trillion, up 44.6 percent year-on-year.

Production and business activities of Petrovietnam’s member units remained stable, with many units completing their targets. They include the Binh Son Refining and Petrochemical Joint Stock Company (BSR), the Petrovietnam Oil Corporation (PVOIL), the Petrovietnam Gas Joint Stock Corporation (PV GAS), the Petrovietnam Fertiliser and Chemicals Corporation (PVFCCo), the Petrovietnam Insurance Corporation (PVI), and the Petrovietnam Drilling & Well Service Corporation (PV Drilling).

Chairman of Board of Members of the Vietnam National Oil and Gas Group Le Manh Hung emphasised the need for solutions to maintain oil and gas production, ensure fuel supply for the operation of power plants during peak periods of hot weather. The group will also apply measures to manage supply chain risks for oil refineries amidst escalating political tensions in many regions, and promote investment activities.

Attention will be paid to investing in localities expected to develop energy industrial centres such as Ca Mau, Ba Ria - Vung Tau, Quang Ngai, Thanh Hoa, Ha Tinh, and Hai Phong. The group will also work to address existing issues in underperforming projects, promote international cooperation, and develop a human resources management strategy, he stressed.

Petrovietnam General Director Le Ngoc Son instructed all units to continue closely working with ministries and relevant agencies to finalise legal documents. Firstly mechanisms and policies related to LNG and electricity need to be addressed, as these are crucial tasks for the group’s ongoing development across all stages, from exploration, and exploitation to production and sale.

He underlined the urgency to remove difficulties to projects such as Long Phu 1, Nhon Trach 3 and 4, accelerate the construction of power plant projects like O Mon 3 and 4, and organise financial investment conferences to review difficulties and obstacles in the investment process.

In March, the Vietnam Oil and Gas Group signed a memorandum of understanding (MoU) on cooperation in renewable energy with Denmark’s Copenhagen Infrastructure Partners (CIP).

Under the document, the two companies will exchange knowledge and best practices on energy transition issues, including technology, supply chain, logistics, infrastructure, and skills development.

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