PetroVietnam enjoys thriving business thanks to crude oil price hike
All the financial targets of the Vietnam National Oil and Gas Group (PetroVietnam) in the past nine months surpassed the plan thanks to the improvement in the price of crude oil, according to insiders.
Hanoi (VNA) – All the financial targets of the Vietnam National Oil and Gas Group(PetroVietnam) in the past nine months surpassed the plan thanks to the improvementin the price of crude oil, according to insiders.
The firm reported thatthe average crude oil price in the first nine months of 2018 was 74.6 USD perbarrel, 24.6 USD higher than the expectation and representing a rise of 37percent over the same period in 2017.
Therefore, the totalrevenue of the firm in the first nine months of 2018 hit 449.1 trillion VND(19.31 billion USD), up 20 percent compared to the plan. It paid 81.4 trillionVND to the State budget in the nine months, surpassing its target for theperiod by 52.1 percent and for the yearly target by 10.4 percent.
All of its membercompanies maintained normal production, while the majority of its productiongoals also exceeded the plan by 2-15 percent.
Total productionreached 18.17 million tonnes, 5.9 percent, or 450,000 tonnes, higher than theplan. Meanwhile, its gas production was 7.61 billion cubic metres, andelectricity output was 16.03 billion kWh. Its nitrogen production in ninemonths hit 1.23 million tonnes, while petrol output was 6.5 million tonnes.
PetroVietnam isstriving to expand its oil and gas exploration to increase its reserve for the ninemonths to 6 million tonnes equivalent of oil.-VNA
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A worker in Bach Ho oil well (Photo: VNA) 
