11.10.2020, 23:07

PetroVietnam’s nine-month oil output surpasses target at 864 million tonnes

PetroVietnam’s nine-month oil output surpasses target at 864 million tonnes

Flare workshop maintenance at Dung Quat Oil Refinery. PetroVietnam’s oil output reached 864 million tonnes in the first nine months

The Viet Nam Oil and Gas Group (PetroVietnam) has reported that nine-month oil output surpassed its target by 9.4 per cent, reaching 864 million tonnes ending September.

Of the total, 138 million tonnes was exploited overseas, 5.2 per cent in excess of the group’s goal.

PetroVietnam gained VND423.2 trillion (US$1827 billion) in revenue in the nine-month period, and contributed VND50.2 trillion to the State budget.

According to PetroVietnam General Director Le Manh Hung, the group faced formidable challenges in the period due to the COVID-19 pandemic, a gloomy financial market, and low credit growth.

However, stable production, coupled with effective measures, helped the group post better financial indices, he said, adding the group saved some VND717 trillion from January-September.

In the period, its members reaped impressive achievements, including Vietsovpetro that put the BK21 oil rig into operation last month, and PetroVietnam Fertiliser and Chemicals Corporation (PVFCCo) and PetroVietnam Ca Mau Fertiliser Company Limited (PVCFC) that exported 320000 tonnes of fertiliser – the highest level the group has recorded.

This year, Fitch Ratings has held PetroVietnam’s standalone credit profile at BB+, reflecting the company’s high degree of integration, diversification and conservative financial profile. It proves PetroVietnam’s strong financial status and business performance as well as its positive business prospects for the future, which bring confidence to domestic and foreign investors, financial institutions and strategic partners.

The rating also affirmed PetroVietnam’s sound policies to ensure rights and jobs for its employees amidst the dual crisis of the coronavirus outbreak and a surprise drop in oil prices.

In a bid to complete its mission for the whole year, the group will maintain stable and safe production, promote consumption to reduce inventories, and remove bottlenecks from the oil and gas value chain.

Among the eight groups of solutions it has identified to deal with in the current circumstances, two are being implemented in a proactive, concerted and drastic manner.

The first includes improving the quality of corporate governance, boosting decentralisation, overhauling its document system and internal management regulations, stepping up digitalisation, and promoting risk governance. Meanwhile, the second covers capitalising on technological solutions to lower expenses and improve productivity, and reducing and delaying spending on non-urgent activities to minimise production costs.

PetroVietnam continued to top the Profit500 list, which names the 500 most profitable enterprises in Viet Nam, in 2020.

This is the third year the group has taken top spot on the ranking. — VNS