PetroVietnam enjoys good business results despite falling oil prices

07-Sep-2019 Intellasia | VNA | 6:02 AM Print This Post

The Vietnam Oil and Gas Group (PetroVietnam) earned 489.5 trillion VND (over 21 billion USD) in revenue in the first eight months of the year, exceeding the target by 19 percent although the average price of crude oil fell to 58.62 USD per barrel in August compared to the predicted price of 65 USD per barrel.

In the period, the group contributed 68.9 trillion VND (2.96 billion USD) to the State budget, 14 percent above the plan and accounting for 78.8 percent of the yearly target.

The group also fulfilled its production targets. Particularly, PetroVietnam Ca Mau Fertiliser Joint Stock Company began its contract to export 47,500 tonnes of fertiliser to India in August.

To complete the yearly plan, PetroVietnam said it would keep a close watch on the fluctuations of global oil prices, improve market forecasting and reasonably adjust output for export and processing to ensure the nation’s GDP growth target, national security and budget collection.

Along with applying advanced technologies to improve business activities, the group will carry out financial solutions to timely respond to the variation of global oil prices.


Category: Business, Vietnam

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