PetroVietnam posts strong first half

The Vietnam Oil and Gas Group (PetroVietnam) not only reached the majority of its targets for the first half of 2018, but went beyond expectations, statistics showed.

PetroVietnam exploited 12.44 million tonnes of oil between January-June, 3.1% above the six-month target and equivalent to 54.5% of this year's plan. The volume included 6.18 million tonnes of oil exploited in Vietnam and another 0.95 million tonnes in other countries. Around 5.31 billion cubic meters of gas were also extracted during the period.

The group produced 11.8 billion kWh of electricity, 823,800 tonnes of fertilizer and 3.85 million tonnes of petroleum and oil, exceeding the six­-month plan by 5.2%, 3.8% and 9.2%, respectively.

During the first six months, it earned VND284.5 trillion (US$12.5 billion) in revenue and contributed VND52.8 trillion ($2.3 billion) to the State budget, 21% and 49% higher than the respective six-­month targets.

PetroVietnam also noted stable and safe operations at its factories, including the Phu My and Ca Mau Fertilizer Plants, and the Dung Quat Oil Refinery.

The Nghi Son Refinery and Petrochemical LLC in the Central province of Thanh Hoa started operations on February 28th, and had successfully produced 381,000 tonnes A92 gasoline as of June 30th. Over six months, the plant sold 88,000 cubic meters of A95 petrol, 45,000 cubic meters of A92 petrol, and 86,500 cubic meters of diesel oil.

The Dinh Vu polyester fibres plant, which used to be a big loss-making project, resumed the operation of three yarn production lines in late April, producing 440 tonnes of yarn in the first half of 2018, PetroVietnam reported.

Vietnam News

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