PetroVietnam’s Q1 State budget contributions surpass plan by 18 percent
The Vietnam Oil and Gas Group (PetroVietnam) contributed more than 19.02 trillion VND (823.7 million USD) to the State budget in the first three months of 2021, a 3 percent increase against the same period last year and 18 percent higher than its quarterly plan.
Hanoi (VNA) - The Vietnam Oil and Gas Group (PetroVietnam)contributed more than 19.02 trillion VND (823.7 million USD) to the Statebudget in the first three months of 2021, a 3 percent increase against the sameperiod last year and 18 percent higher than its quarterly plan.
Seventeen of its 22 subsidiaries posted profits, 12 of which recorded growththanks to efforts to promote cost savings totalling over 2.83 trillion VND.
Uncertainties remain for the remaining months of the year, PetroVietnamChairman Hoang Quoc Vuong said, with a high risk of geopolitical issues and tradetensions and the unpredictable developments of the COVID-19 pandemic.
He urged all subsidiaries to keep a close watch on the global oil priceand production and continue restructuring, cutting costs, and improvingoperational efficiency.
In the first two months of the year, the State-owned group exploited3.07 million tonnes of oil equivalent and produced 2.9 billion kWh ofelectricity, 272,700 tonnes of nitrogenous fertiliser, and 1.1 million tonnesof oil and petrol.
Its turnover stood at 94.5 trillion VND (nearly 4.1 billion USD) whilebudget contributions were estimated at 11.44 trillion VND, surpassing thetargets by 1 percent and 9 percent, respectively./.
PetroVietnam Exploration Production Corporation (PVEP) said it has rolled out measures synchronously to stabilise production and combat the COVID-19 pandemic, thus ensuring safety for its employees and oil and gas projects.
The Vietnam Oil and Gas Group (PetroVietnam) has maintained its good production and business, with many targets overfulfilled, during the first two months of this year.
The PetroVietnam Exploration Production Corporation (PVEP), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), has surpassed all of its business goals in the first quarter of 2021, with contribution to the State Budget particularly 41 percent higher than the year’s plan.
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