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Sunday,  Oct 22,2017,04:30 (GMT+7)

PVN’s Jan-Jul oil output put at 9 million tons

The Saigon Times Daily
Tuesday,  Aug 8,2017,23:06 (GMT+7)
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PVN’s Jan-Jul oil output put at 9 million tons

The Saigon Times Daily

PM Nguyen Xuan Phuc meets with leaders of PVN in Hanoi on August 5 to discuss the group’s business performance in the first seven months of 2017 - PHOTO: CHINHPHU.VN

HCMC - Vietnam Oil and Gas Group (PVN) has reported it pumped 9.23 million tons of crude oil in the first seven months of 2017.

Speaking at a meeting in Hanoi last week with Prime Minister Nguyen Xuan Phuc, PVN general director Nguyen Vu Truong Son said the group’s gas, electricity and fuel production was beyond expectations.

The group obtained total revenue of VND278.5 trillion (over US$12.2 billion) in January-July, exceeding the target by 14% and fulfilling 64% of the full-year plan, Son said. Its after-tax profit reached VND14.1 trillion, 14% higher than estimated and representing 85% of the year’s target. The group contributed VND50.8 trillion to the State budget.

PVN attained positive results from oil and gas exploration and exploitation operations. Son said a new oil and gas field was found and called Ca Trich, and Tho Trang 3 oil rig was put into operation 13 days earlier than planned.

PVN, according to him, has ensured security, environmental protection, workplace safety and fire prevention.

The State-owned group said it expects to gain total revenue of VND471 trillion this year, 7.4% higher than the target, and contribute VND89 trillion to the State budget, 20% above the estimate.

PVN is striving to extract at least 13.28 million tons of crude oil this year. Son said the company will keep a close watch on global oil price movements to make timely business plan adjustments, ensure stable production, step up investment, focus on the projects that would be completed in 2017, and meet its key growth targets.

PM Nguyen Xuan Phuc spoke highly of PVN’s performance in the first seven months of 2017 and its contribution to the country’s economic development.

To deal with global oil price fluctuations, he suggested PVN restructure its production, and take measures to deal with its weaknesses and complete the tasks assigned by the Party and the Government.

Deputy PM Vuong Dinh Hue, Deputy PM Trinh Dinh Dung and leaders of some ministries and departments like the Ministries of Defense, Public Security, Foreign Affairs, Industry-Trade, Finance and Planning-Investment, the State Bank of Vietnam and the Government Office were also present at the meeting, according to the Government news website.

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