PetroVietnam exceeds January target

The Vietnam Oil and Gas Group (PetroVietnam) surpassed many targets, including revenue and State budget contribution in the first month of 2020.

Its total revenue reached 66.3 trillion VND (2.85 billion USD), up 16.2 percent from the month’s plan, while contribution to the State budget hit 8.3 trillion VND, exceeding 17 percent of the goal set for the month.

Meanwhile, PetroVietnam’s oil and gas exploitation increased 8.5 percent against the monthly plan. It produced 147,300 tonnes of fertiliser and more than 1.2 million tonnes of fuel, surpassing targets by 2.5 percent and 5.3 percent, respectively.

Despite the week-long Lunar New Year holiday during January, all activities of PetroVietnam were maintained as usual.

Also in January, the group’s affiliate - the Vietnam Petrochemical and Fiber Joint Stock Company (VNPOLY) - produced five tonnes of drawn textured yarn (DTY) to make medical face mask amid the acute respiratory disease caused by the new strain of coronavirus (nCoV).

The group is projected to face difficulties in the domestic and international markets next month due to uncertainties in the crude oil market and decreasing travel and transport demand due to nCoV.

In 2020, PetroVietnam will strive to tap 20.36 million tonnes of oil equivalent and produce 21.6 billion kWh of electricity, over 1.56 million tonnes of fertilisers and more than 11.8 million tonnes of fuel.

Its 2020 turnover is projected at over 640 trillion VND and revenue to the State budget at more than 82 trillion VND.