The National Oil and Gas Group(PetroVietnam) notched up a total revenue of nearly 95 trillion VND (5billion USD) in the first quarter of this year, an impressive growth of76 percent compared with the same period last year.
2.1 billion USD of this was from crude oil exports. The figures werereported at a seminar to review the group's business performance overthe first three months.
Le Minh Hong, PetroVietnam's deputy director general, attributed thegood performance to higher prices of crude oil in the global market andrising earnings from its oil and gas services, finance, insurance andconstruction.
The cost of crude oil in the first quarter this year averaged at 79USDper barrel, 35 USD higher than the corresponding period last year.
According to PetroVietnam chairman Dinh La Thang, services accountedfor roughly 40 per cent of its entire turnover.
PetroVietnam contributed about 27 trillion VND (1.4 billion USD) tothe State Budget during the period, a year-on-year increase of 35 percent.
"To hit such revenue, the group has boosted its production. It churnedout 3.59 million tonnes of crude oil, 2.3 billion cu.m of gas, 2.9billion kWh and 192,000 tonnes of fertiliser," Hong said.
The country's first oil refinery – Dung Quat – in the central QuangNgai province, an affiliate of the group, run on trial during theperiod, produced around 979,000 tonnes of petroleum products.
PetroVietnam also invested 17 trillion VND (894.7 million USD) onprojects including Hua Na power plant, Lot B O Mon gas pipeline,bio-ethanol factories and other projects related to oil and gasexploitation.
Thang said at the seminar that to ensure national energy security, thegroup plans to exploit 14.4 million tonnes of crude oil in Vietnam and600,000 from abroad (through oil and gas shared product contracts withforeign partners such as Malaysia and Venezuela).
However, Dung Quat would consume 5 million tonnes of crude oil and theremainder would be for export, Thang said.
PetroVietnam has enhanced clean fuel production such as bio-ethanol.It has built three bio-ethanol factories in the provinces of Phu Tho,Quang Ngai and Binh Phuoc. Each mill has an average capacity of 100million litres per year.
"To ensure power supply during the dry season, PetroVietnam hasdecided to delay its repair and maintenance plans of its power factoriesuntil June instead of April and May and the group has also helddiscussions with Electricity of Vietnam to resolve the problem," Thangsaid.
As an effort to help rein in inflation, Thang promised that the groupwould closely coordinate with Petrolimex, the leading importer andsupplier of petroleum products for the local market, to ensure anappropriate increase in the retail price of petrol as the global marketrecovers this year./.
2.1 billion USD of this was from crude oil exports. The figures werereported at a seminar to review the group's business performance overthe first three months.
Le Minh Hong, PetroVietnam's deputy director general, attributed thegood performance to higher prices of crude oil in the global market andrising earnings from its oil and gas services, finance, insurance andconstruction.
The cost of crude oil in the first quarter this year averaged at 79USDper barrel, 35 USD higher than the corresponding period last year.
According to PetroVietnam chairman Dinh La Thang, services accountedfor roughly 40 per cent of its entire turnover.
PetroVietnam contributed about 27 trillion VND (1.4 billion USD) tothe State Budget during the period, a year-on-year increase of 35 percent.
"To hit such revenue, the group has boosted its production. It churnedout 3.59 million tonnes of crude oil, 2.3 billion cu.m of gas, 2.9billion kWh and 192,000 tonnes of fertiliser," Hong said.
The country's first oil refinery – Dung Quat – in the central QuangNgai province, an affiliate of the group, run on trial during theperiod, produced around 979,000 tonnes of petroleum products.
PetroVietnam also invested 17 trillion VND (894.7 million USD) onprojects including Hua Na power plant, Lot B O Mon gas pipeline,bio-ethanol factories and other projects related to oil and gasexploitation.
Thang said at the seminar that to ensure national energy security, thegroup plans to exploit 14.4 million tonnes of crude oil in Vietnam and600,000 from abroad (through oil and gas shared product contracts withforeign partners such as Malaysia and Venezuela).
However, Dung Quat would consume 5 million tonnes of crude oil and theremainder would be for export, Thang said.
PetroVietnam has enhanced clean fuel production such as bio-ethanol.It has built three bio-ethanol factories in the provinces of Phu Tho,Quang Ngai and Binh Phuoc. Each mill has an average capacity of 100million litres per year.
"To ensure power supply during the dry season, PetroVietnam hasdecided to delay its repair and maintenance plans of its power factoriesuntil June instead of April and May and the group has also helddiscussions with Electricity of Vietnam to resolve the problem," Thangsaid.
As an effort to help rein in inflation, Thang promised that the groupwould closely coordinate with Petrolimex, the leading importer andsupplier of petroleum products for the local market, to ensure anappropriate increase in the retail price of petrol as the global marketrecovers this year./.
