Oil and gas firms suffer drop in Q3 profit due to COVID-19 impacts
Despite the recovery of petrol prices, profits of many businesses in the oil and gas sector dropped in the third quarter of this year due to impacts of the COVID-19 pandemic.
Hanoi (VNA) – Despite the recovery of petrolprices, profits of many businesses in the oil and gas sector dropped in the third quarter of this year due to impacts of the COVID-19 pandemic.
The Petrovietnam Gas JointStock Corporation (PV Gas) suffered a drop of 11.5 percent and 7percent in pre-tax and after-tax profit in the third quarter of this year to2.29 trillion VND and 1.86 trillion VND, respectively.
A representative from the firm said that in the first ninemonths of this year, demand for gas of its customers decreased. Particularly,demand for gas for power generation was equal to only 72 percent of that in thesame period last year.
Meanwhile, due to stagnant production situation, thedomestic demand fell 35-40 percent year for liquefied petroleum gas (LPG), 30percent for low-pressure gas and compressed natural gas compared to thatbefore COVID-19 broke out.
The firm predicted that in the time to come, the number ofcustomers cutting and reducing their gas consumption will continue to rise,leading to a drop of 40-50 percent in sales of gas. At the same time, difficultiesin transport and workforce have pushed its production cost up.
Production of the Binh Son Refining and Petrochemical JointStock Company also hit the floor in the third quarter of this year. Securitiesfirm Mirae Asset Vietnam predicted that the firm will recover from the fourthquarter of 2021.
In October, BRS production reached 100 percent of itscapacity from 85 percent recorded on September 22.
A sharp drop of 29 percent year on year was seen in pre-taxprofit of the PetroVietnam Technical Services Corporation (PVS) in the third quarterof this year due to reduction in productivity and product prices caused bysocial distancing measures.
However, recently, positive signs have been seen in theprices of shares of oil and gas firms thanks to investor’s high hope for risein oil prices in the time to come.
Notably, the prices of many codes rose strongly, includingOIL (23 percent), GAS (26 percent), PVD (43 percent), PVD (43.6 percent), PVS(52.6 percent), and BRS (125.4 percent)./.
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Illustrative image (Source: VNA) 
