news Published on November 7, 2018

PetroVietnam surpasses key financial targets for 2018


The Vietnam National Oil and Gas Group (PetroVietnam) has surpassed its key financial targets for this year, thanks to the rise in petrol prices in October.

In the first 10 months of this year, it added VND 90.9 trillion (USD 3.95 billion) to the State budget, up 23% from the yearly plan. Its total revenue hit VND499.5 trillion, 21% higher than the 10-month plan, and up nearly 24% from the same period last year.

The group topped 20.1 million tonnes of oil, exceeding the plan’s estimates by about 5%. The total volume of gas hit 8.39 billion cu.m, up 4.1%; while fertilizer output reached 1.38 million tonnes, up 7.2%.

Total petrol production was equivalent to 84.2% of the plan, amounting to 7.46 million tonnes.

PetroVietnam ranked first in the 2018 list of 500 Vietnamese firms with the highest profits.

It registered to donate over VND 250 billion (USD 11.2 million) to the charity programme “Joining Hands for the Poor” this year.

In October, the Dung Quat biofuel plant resumed operations after three years. Five days after its resumption, the plant had churned out its first batch of E100 ethanol fuel.